US In An Argentina-Like Economic Crisis?


Inquiring minds are reading an interesting American Thinker article about the perilous decline of the United States resembles Argentina’s:

The United States’ economic decline precariously resembles Argentina’s economic collapse, which started in 1998 and landed Argentina in a depression by the end of 2000. What began in Argentina as a recession mushroomed into a full-fledged depression due to bad economic and monetary policy. The Obama administration and its congressional Democrat lackeys are on the precipice of following Argentina’s disastrous economic and monetary policy decisions.

Arguably, the United States economy has been in a two-year-long recession, and while some may posit that the country has started an economic recovery, others suspect the country will plummet into a deeper recession, or perhaps a depression. In the past two years, the United States government instituted economic and/or monetary policies detrimental to American’s short- and long-term economic prosperity.

$700-billion TARP bill. $787-billion economic stimulus bill the president deemed necessary to keep unemployment under 8%. $410-billion Omnibus bill with 9,000 pork-barrel projects. $1.3-trillion deficit in fiscal year 2009. $1.4-trillion deficit estimated for fiscal year 2010. $1 trillion or more for a health care bill that the majority of Americans didn’t want. Auto industry bailout with complete disregard to the bankruptcy laws, which turned the U.S. government into an equity owner and granted an ownership stake to the United Auto Workers union. $500-billion bailout of Fannie Mae and Freddie Mac. $145-billion bailout of Greece. Billions spent by the Federal Reserve to purchase toxic assets. $10.6-trillion dollar public debt the day Obama took the oath of office. In nineteen months, the public debt stands at $13.3-trillion (a 25% increase).

Just remember…the national debt never needs to be repaid.

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