Certainly it would be worse for us (and the rest of the world), but my point was to get you to look up how near we are to that crunching point in relation to another country like France. Ie:cronxeh said:And France with their meager 60 million population and $35 billion military budget/year is not really a good example. I'd say whatever bad can happen to them will happen 5 fold to the US if we come anywhere near that economic crunching point
France's debt-to-gdp ratio is 68%.
The US's debt-to-gdp ratio is 24%.
Yes, that's right - the US's national debt would have to more than double for us to be in the same economic predicament France is in.
Yes, I've heard that argument before - extrordinary prescience, that the business community knew 6 months before the election that Gore would lose, yet Gore didn't even know until 3 weeks after the election!Art said:The ecomomy began to slip as Clinton's presidency ended because business people in general and foreign investors in particular were worried about the prospect of a republican president given their previous dire record on controlling spending. The same used to happen in Britain when it appeared a labour gov't was in the offing for the same reasons.
The real truth is that Clinton rode the wave of an internet boom he had little to do with. He rode it up and when the bottom fell out (as it was destined to - the market was overvalued), he rode it down part-way, then handed it to Bush to try to pull it out of the death-spiral.
In addition, the Clintons were lucky that they were a mediocre President: they attempted, and failed, to pass the largest increase in government spending since Social Security. But since he failed, he gets to claim success! :uhh: