Wednesday, August 6, 2008
Charles Wheelan and the Fed Budget Deficit
Charles Wheelan, a Yahoo Finance columnist, is the author of Naked Economics, one of my favorite and most accessible economics books. Here's what he had to say recently:
If you want to know how bad this [debt] problem is likely to get, check out this alarming graph [above] from the Heritage Foundation based on data from the . (Warning to parents: The graph is inappropriate for children -- not because it's pornographic, but because they'll realize how much your generation is totally shafting them.)
See http://finance.yahoo.com/expert/article/economist/98587?count=30&start=6#dtk-cmtscnt for more.
Bottom line: we're borrowing from many future generations to pay for obvious mistakes now. The U.S. dollar and our world image are suffering as a result.