Experts Warn Debt May Threaten Economy (heLLOOO???)

[Montauk6]

By ROBERT TANNER, AP National Writer
Sat Aug 27, 4:02 PM ET



You owe $145,000. And the bill is rising every day. That's how much it would cost every American man, woman and child to pay the tab for the long-term promises the U.S. government has made to creditors, retirees, veterans and the poor.

And it's not even taking into account credit card bills, mortgages — all the debt we've racked up personally. Savings? The average American puts away barely $1 of every $100 earned.

Our profligate ways at home are mirrored in Washington and in the global marketplace, where as a society America spends $1.9 billion more a day on imported clothes and cars and gadgets than the entire rest of the world spends on its goods and services.

A new Associated Press/Ipsos poll finds that barely a third of Americans would cut spending to reduce the federal deficit and even fewer would raise taxes.

http://news.yahoo.com/s/ap/20050827/ap_on_re_us/drowning_in_debt

(Thinking aloud while reading article: Wait, didn't Greenspan BACE the very tax cuts that got us into this stinker to begin with?????)

[wli]

1. the destruction of the economy is intentional

The palace economy is intended to replace it.

[Montauk6]

2. Too late to edit, dang! : BACK not BACE (BACE???)