The current US debt is $16 trillion

2nd headline of 2013 and a scene-setter for the financial crises of the yearfiscal cliff

 

The Fiscal Cliff

The US is teetering, there on the edge,
Cawing and jawing, metaphorically clawing
at the rumbling, tumbling,
financially crumbling
lip of the precipice.
No hedging our bets,
we mustn’t forget
that we’ll all face the pain
of recession again
if it falls off that damned fiscal cliff.

It has to raise taxes, reduce public spend;
it’s the end of those free-for-all days.
The profit-crazed bankers
reduced them to this
with billions,
no, trillions of dollars of debt.
And political rancour,
infighting and gall
have taken their toll;
the behemoth’s momentum will flatten us all
if it falls off that damned fiscal cliff.

 

2nd January 2013

Notes:  The current US debt is $16 trillion.  The present four year period of global recession had its roots in the nefarious sub-prime practices of money lending in the States and mimicked elsewhere.  Profiteering ensured that financial regulation had no bite and malpractice was tacitly condoned.  The US political system has done little to repair the damage and its continuous political prevarication has taken the country to the so-called “fiscal cliff” which could lead to yet another global recessionary dip.  Will anything be done?

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