28 July, 2011

The 3 Mas- k- ters Compelled to Debt !

How did US the so called world's richest nation come to the brink of a catastrophic fall on its debt that could send shockwaves through the fragile world economy, was the question which was not fully answered till today but after reading this article my perception has attained altitude.

"For the last decade, we've spent more money than we took in." President Barack Obama put it literally in a speech late Monday... say what ! they spent more .. that’s what differentiates a leader - coming up with what they really are standing with at a moment. it all started when Democratic then-president Bill Clinton left office in January 2001, and swung to sky-high deficits under his Republican successor George W. Bush.

The dramatic turnaround has now left Obama predicting, in his budget released in February, a staggering $1.65 trillion deficit for the current fiscal year, a figure the CBO recently narrowed to about $1.3 trillion..

My question now and yours too might be - "How are they going to come out?".One of the fine step they have already taken is to recall the troops, no harm to India, The second step which is slowing gaining prominence and has been in the list is to stop outsourcing, India here is something we need to watch out for, coz they need to come out of the Trap of Debt, will you help or ..?