America sliding into a pit of foreign debt

There are two types of news: the news that fits and the news that would cause fits if it were printed. A responsible press would cover both. Unfortunately, economic reporting in the United States doesn't always do this. If news of an economic bombshell gets suppressed... did it really explode?The graph below shows the United States net foreign debt. It hit an unprecedented $3.5 trillion, 24.3% of our GDP, at the end of 2008, according to a report issued on June 26 by the Bureau of Economic Analysis. When foreign debt rises as a percentage of GDP, a country becomes less and less able to pay off debt from its income stream. Normally the dramatic rise shown in the graph for 2008 would have been newsworthy but on July 8, almost two weeks after the report was issued, one of us did a Google news search and found that only the Washington Times covered the story. Elsewhere in the news were references to foreign debt in Argentina, Armenia, Bulgaria, China, Colombia, Croatia, Egypt, Indonesia,...(Read Full Article)

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