U.S. economy in trouble and why

…”I believe that America’s economy has reached zenith,” said Folkerth. “What I’m saying is that should anyone care to consider inflation and per-capita share of GDP, we’ve hit the top of the mountain, when a nation reaches the tippy-top of the mountain, it’s a beautiful view right up to the point of realizing that everything from that point is downhill.”

“I want to fortify my beliefs with a few pesky facts,” said Folkerth. “The U.S. represents 4.8% of world population. We use 25% of the energy produced on earth and 30% of the materials produced on the planet. Some of those people who represent the other 95.2% of the global population are beginning to want their share and are getting a little testy about the whole thing.

“Over our lifetimes we consume 75% more than our European counterparts and more than 1000% of that of the folks in 3rd world nations. The U.S. hit peak oil in 1970 and today we use 40% more oil and produce 40% less than we did in that pivotal year.

“Want more? Okay, the National Debt in 1970 was $380 Billion with a “B” and represented 37.6% of GDP. In contrast, the National Debt in 2009 grew to $12.8 TRILLION with a “T” and represents 90.4% of GDP. The debt is expected to eclipse 100% of GDP in 2011″I say 2010. Another way to view our debt is to realize that we have replaced growth of real commerce with growth of real debt.

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