Tuesday 21 October 2008

Going for broke?

Having looked at the numbers on past performance I've been interested to see the current debate on which candidate has an economic plan to turn the US around - an item of not academic interest to most of us out in the global economy...

I found an interesting article at the Washington Post that looks at their plans and their ability to deliver.. it included this quote:
"Austan Goolsbee, who advises Democratic candidate Barack Obama, said McCain had consistently called for balancing the budget without explaining how he would do so." ...which given the numbers seems a pretty fair criticism.

In the 12 years under Democratic presidents since Jimmy Carter the American gross national debt rose by an average 5.3% per year for a compounded increase of 87%(!) ...but in eighteen years with Republican predidents it rose an average of 11.2% per annum - compounding to a huge 679% increase...

So I ask you.. just how likely is it the McCain is your man to get a grip on US finances???

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