The Debt is Going to Destroy Us

A friend of mine, Mike Norman, emailed me this:

I was watching the movie Wall Street (the original) again the other night. The scene where Michael Douglas’s character, Gordon Gekko, was giving a speech at the Teldar Paper gathering. He was saying how “broken” the U.S.A. is and mentioned that America’s debt was at “nightmare proportions.”

The film was released in 1987. The “debt” was $2.4T. LOL! It’s $37T now, and the economy has expanded by $14T in real terms (i.e., adjusted for inflation) since then. LOL!

It just goes to show that the debt boogeyman has been around forever. And people still don’t get it.