"If we treat the credit doubling that occurred between 2000 and 2008 (from $26 to $52 trillion) as a normal bubble that will follow the same pattern of decline as numerous historical bubbles, then we might reasonably predict that some $26 trillion of debt will somehow "go away" over the next 6 years. This is indeed a massive black hole."
Chris Martenson www.chrismartenson.com
I once again turn to the theory of "mass social mood". U.S. debt rises from $26 to $52 trillion during the Bush administration and there are no tea parties. No protests. No communists nametags. No socialist remarks. No threats. No angry town halls. Isn't that interesting?
While the cycle "turned over" in the 1999-2000 timeframe, the "momentum of the mood" is just gaining steam. A few trillion of debt additions this year and the mob is seeking a lynching. Prior to the Obama administration taking office, the U.S. had $54 trillion of underfunded obligations. Why is Team Red just getting mad now? Why didn't they get mad at Bush? Why weren't Rush, Sean, and Ann lashing out at Bush for not dealing with this massive debt obligation? Why were they okay with increasing it by $26 trillion over 8 years?