Monday, April 18, 2011

America the Insolvent

S&P appears to have caught this update on the US fiscal situation- Moody's must have been out catching Scary Movie 9.
Interesting that America's net 2010 loss was well over $2 Trillion, not the $1.6 as reported. If you use GAAP- the number rises over $4 Trillion.  There is NO WAY congress will agree on any meaningful spending reduction to bring these numbers under control.  Things are now well past the point of no return.