The Rise of an Epic Financial Crisis

BALTIMORE, Dec. 13 /PRNewswire/ -- The U.S. budget deficit increased 43% in November, to $83.1 billion, the largest November deficit on record. So far this fiscal year, which began October 1, 2005, the government is $130 billion in the hole, after being down $115 billion this time last year. And as one best-selling author warns, this dangerous trend has dire consequences for every American. In the New York Times bestseller Empire of Debt, co-authors Addison Wiggin and Bill Bonner write, "When people cannot pay their debts, they do not pay them. But the debts do not cease to exist." Wiggin warns this is as true with governments as it is with people. "Even Washington can't spend more than it earns forever," he says. "Yet the American people don't seem to realize that they're the ones who will be stuck with the bill." Wiggin points out that the American Debt Clock totals over $26,000 per citizen. "That's a trend that we might call 'unsustainable.' The total US debt crested $8 trillion in October. That's two-thirds of the total US GDP. If we were paying it, that would be 6 out of every 10 dollars earned in the economy going to pay off debt." Unfortunately, Wiggin says, just the opposite is happening. Following Hurricane Katrina, the U.S. House of Representatives passed four tax-cutting bills, which eliminated $94.5 billion in revenue from the federal budget. The total cost of rebuilding in the Gulf will exceed twice the total spending cuts approved last month. "Of course, voters like it when politicians cut taxes," Wiggin says. "But from a financial standpoint, it's pointless if you're increasing spending at the same time." For more from Addison Wiggin, see //www.dailyreckoning.com . Addison Wiggin is editorial director and publisher of The Daily Reckoning. He is also the co-author, along with Bill Bonner, of the recently released New York Times bestseller, Empire of Debt: The Rise of an Epic Financial Crisis. Brought to you by Agora Financial, and written by the NY Times best- selling authors Bill Bonner and Addison Wiggin, The Daily Reckoning is a daily, free e-letter that weaves information about the financial world, investing and everyday life into an educational and entertaining format that has been engaging their readers for over six years.


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Dezember 2005

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