The total debt of the United States is approaching 120% of our GDP when you combine the debt of the US Federal Government, the States and local governments, and this NEW debt we have taken on in the form of Freddie Mac, Fannie Mae and AIG.

Historically, no economy can grow quickly if at all when their debt is 90% or more of GDP.  Historically, no government or economy can survive when it actually hits 120%.

This Time is Different helps explain what has happened, what is going on, where we are and what are options are now.  That’s the key, we can bitch moan and complain about what has happened, but what we really need to do is recognize the real situation and prepare to choose our next options.

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