U.S. Comptroller General: "If the US doesn’t get its act together, could end up like Argentina"

[w¡n9Nµ7 §£@¥€r 123]

... if the United States doesn’t come to our senses and get our act together, we could eventually suffer the same fate as Argentina. That nation defaulted on its debt, which had a significant adverse effect on the country’s economy and the living standards of most of its citizens. We must not allow this to happen here, and with committed, candid, and capable leadership, it won’t. My view is that we will wake up and start making tough choices, I’m just trying to make sure that we do it sooner rather than later.

...

As recently as 2001, the federal government had “projected surpluses.” But then policymakers started spending those “surpluses” on tax cuts and spending increases. The budget controls that helped restore fiscal discipline in the 1990s expired in 2002. Since then, additional tax cuts and spending increases have occurred. The lack of discipline is reflected in the skyrocketing number of Congressional earmarks in appropriations bills. The additional costs associated with Iraq and Katrina don’t help, but they are only a fraction of our problem. Arguably the most fiscally irresponsible act of recent times was passage of the Medicare prescription drug bill in late 2003. That program has a price tag of over $8 trillion, digging both our Medicare and overall fiscal holes much deeper.

http://www.gao.gov/special.pubs/longterm/tourqa.html

Edited December 10, 2007 by VJ Troll

[JVKn'CVO 11]

Like Argentina? as in..."a country where the economy is growing at the rate of 8% a year" and "has repaid its debt to the IMF" ?

Source: BBC news -> Country profiles

Saludos,

Caro

[Dan J 277]

Like Argentina? as in..."a country where the economy is growing at the rate of 8% a year" and "has repaid its debt to the IMF" ?

Source: BBC news -> Country profiles

Saludos,

Caro

Need to go back a little father in history, when they had some really bad economic issues. They have recovered since though.

[w¡n9Nµ7 §£@¥€r 123]

Like Argentina? as in..."a country where the economy is growing at the rate of 8% a year" and "has repaid its debt to the IMF" ?

Source: BBC news -> Country profiles

Saludos,

Caro

This is what he's referring to - http://en.wikipedia.org/wiki/Argentine_eco...sis_(1999-2002)

A specific event in Argentinian history.

[mawilson 2,133]

Don't cry for US, Argentina

[JVKn'CVO 11]

Like Argentina? as in..."a country where the economy is growing at the rate of 8% a year" and "has repaid its debt to the IMF" ?

Source: BBC news -> Country profiles

Saludos,

Caro

Need to go back a little father in history, when they had some really bad economic issues. They have recovered since though.

I know, I'm the non-usc. Argentina defaulted in 2001, and since then it has made a major, fast recovery, showing continued growth that is expected to last at leat 4 more years (during the new president Cristina's term). The recovery has been so significant that in 2001 a lot of people left the country...and are now coming back

point being...as long as you're going to use a historic reference, might as well use the great depression of 1929

Saludos,

Caro

Edited December 10, 2007 by JVKn'CVO

[w¡n9Nµ7 §£@¥€r 123]

point being...as long as you're going to use a historic reference, might as well use the great depression

Saludos,

Caro

Uh, no. The specific outcome the Comptroller is warning against is default. A specific historical example of that outcome is Argentina. Not the Great Depression.

[JVKn'CVO 11]

point being...as long as you're going to use a historic reference, might as well use the great depression

Saludos,

Caro

Uh, no. The specific outcome the Comptroller is warning against is default. A specific historical example of that outcome is Argentina. Not the Great Depression.

mmm, ok I see that. What I still don't see is the need for that comment, on an issue that is still a fresh wound to the argentine people.

Saludos,

Caro

[w¡n9Nµ7 §£@¥€r 123]

mmm, ok I see that. What I still don't see is the need for that comment, on an issue that is still a fresh wound to the argentine people.

The Argentinian default is a subject of much study all over the world. No cause for wounds there.

[JVKn'CVO 11]

mmm, ok I see that. What I still don't see is the need for that comment, on an issue that is still a fresh wound to the argentine people.

The Argentinian default is a subject of much study all over the world. No cause for wounds there.

But VJ Troll, the way it is worded does no justice to Argentina's current economy. From his statement, someone who is not knowledgeable on the subject would think that Argentina is still in crisis. It might be just poor wording on his part, but because of all the reasons mentioned above, his statements are incomplete, to say the least.

Saludos,

Caro

[w¡n9Nµ7 §£@¥€r 123]

mmm, ok I see that. What I still don't see is the need for that comment, on an issue that is still a fresh wound to the argentine people.

The Argentinian default is a subject of much study all over the world. No cause for wounds there.

But VJ Troll, the way it is worded does no justice to Argentina's current economy. From his statement, someone who is not knowledgeable on the subject would think that Argentina is still in crisis. It might be just poor wording on his part, but because of all the reasons mentioned above, his statements are incomplete, to say the least.

Saludos,

Caro

The audience of his remarks is people who do know quite a bit about economic history.

It's not his fault I pasted his remarks into VJ.

[JVKn'CVO 11]

But VJ Troll, the way it is worded does no justice to Argentina's current economy. From his statement, someone who is not knowledgeable on the subject would think that Argentina is still in crisis. It might be just poor wording on his part, but because of all the reasons mentioned above, his statements are incomplete, to say the least.

Saludos,

Caro

The audience of his remarks is people who do know quite a bit about economic history.

It's not his fault I pasted his remarks into VJ.

Still, I think it was not worded properly. knowledgeable or not knowledgeable audience.

I accomplished my goal on this thread, which was to present Argentina's economic facts that were left out.

Saludos,

Caro

[mawilson 2,133]

Does "end up like Argentina" mean we get their women too?

[JVKn'CVO 11]

Does "end up like Argentina" mean we get their women too?

Saludos,

Caro

[w¡n9Nµ7 §£@¥€r 123]

...present Argentina's economic facts that were left out.

Saying they were left out implies they should have been included.

The subject of the interview was default. Argentina was mentioned by way of example. This was never meant to be a dissertation on the history of the Argentinian economy.

You are being way too sensitive.