"The general opinion seems to be that Bush left such a debt that Obama cannot handle it when harmstrong between the senate and the congress"
If this is the opinion of Danish news I think they have drunk the Kool Aid. True the debt increased from $5 trillion to $10 trillion over eight years. But at the rate the current administration is spending, if they have the same time frame, they will ADD $14 trillion to the debt. That is a second doubling in 8 years, but it would be way worse than adding $5 trillion (actually a bit less).

Actually agree with Stealth, China is having problems as well. The US administration is trying to solve this "crisis" the same way they tried in the '30s. That took 10 years & a world war. Not sure we can deal with another war of that magnitude!!

Quote Originally Posted by thir View Post
On Danish news there is a debate as to whether the whole US economy is on the point of collaps. The general opinion seems to be that Bush left such a debt that Obama cannot handle it when harmstrong between the senate and the congress, and that the situation is worse than in Greece. It is speculated that the only solution is to apply to China for extention of loans, and that that will eventually have a big impact on the world power structure, and that China might well, eventually, take over the role that USA has now.

What does the list think of all this?