US deficit bad for the Aussies
January 8, 2004Well, the Sydney Morning Herald thinks so, since they put up a story on their front page bemoaning the effects the US deficit will have on interest rates in Australia.
I got news for those people Down Under–it ain’t exactly going to be a picnic here either. Just a few years ago I figured the deficit problem had been licked and the US was on its way to paying off the mountain of debt. But thanks to President Bush II we’re generating huge deficits again.
It’s so unbelievable that a Democratic president (Clinton) delivered record surpluses while it’s his Republican successor deliving these huge deficits. The world has truly turned upside down, at least the world of economics.
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