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IPFS News Link • Economy - Economics USA

American Armageddon: Why US economy has already plunged over the cliff

• Terrence Aym
2011 may be remembered by historians as the year that America died. Many political, economic and market pundits have been warning of an approaching "tipping point" for several years. They warn that once America tips over that cliff there'll be no avoiding certain disaster. Well, that proverbial tipping point has already occurred. The debt has reached such stratospheric heights that—under the current system—it will never be able to be repaid. And still Washington adds more debt.