Ateneo Professor on Entrepreneurship
From Newsmax
Pres. Obama will end his term with one (1 trillion in deficit); it is much lower than expected with over $200 billion spending saved. Pres. Obama inherited over $l.4 trillion in deficit when he took over. Much of the spending has been to contain one of the worst recession that has to come.
The deficit spending has caused US debt to rise to $16 trillion (up from $14 trillion) at end of July 2012.
This will be a big issue in the forthcoming presidential election. The fiscal cliff is also an unresolved problem.
US thus has to borrow up to $0.3l of every dollar it spends. (Mostly comes from China)
What do you think of this US problem?
How is it going to affect the rest of the world? The PHL?
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