The Sinking Ship that Is the US Economy

03-05-2011 • Joel Bowman for The Daily Reckoning

Buenos Aires, Argentina – Poor Mr. Obama. The man who ran on a campaign promise of “change,” is striving to achieve his stated goal by implementing a slew of conspicuously “same” policies, one after the other. Admittedly, your editor doesn’t know much about drafting empty campaign promises, but he suspects that two sames don’t make a change. We’ll see. When Captain Obama first took over at the helm of The Republic, there were plenty of leaks assailing his once-formidable ship. There was an Iraq-sized hole on the starboard side, an Afghanistan-sized breach port side. Both were taking on water…fast. Up on the quarterdeck weighed a budget deficit that seemed to grow larger every time the vessel sank beneath the wavelengths. And on the main deck, unfunded liabilities piled up, reaching higher even than the poop. Needless to say, it doesn’t take a sailor to know what that means.