IMF: US Debt Is An Emergency

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!

This would be the same IMF that has destroyed the economies of developing nations in Africa, South America and Asia by promoting monster infrastructure schemes that ruined the environment and social structure while plunging the countries into massive - wait for it - public debt.

Yeah. If the IMF claims the U.S. public debt is a problem, I'd say it's safe to ignore the debt for the foreseeable future.

TPM:

In what The Financial Times describes as an "unusually stern rebuke," the International Monetary Fund says that the United States "urgently" needs a "credible strategy to stabilize public debt."

An IMF analysis points to the United States as the world's "only large advanced economy" - with the exception of earthquake-ravaged Japan - that's looking at an increased deficit this year.

The United States is looking at the permanent loss of 10 million jobs that is maintaining an unacceptable level of unemployment - 8.8 percent officially and 19 percent including part-timers and the underemployed.

In the face of that job deficit, the budget deficit is worse than irrelevant; the budget deficit is entirely insufficent. What the U.S. economy desperately needs is $2 trillion in job-creating stimulus. The best way to get that money is to force obscenely wealthy individuals and corporations to pay their fair share of taxes. Short of that, adding $2 trillion in job creation to the deficit in the short-term is actually the fastest and most effective way to reduce the deficit and the debt in the long run.

The IMF knows that. But it is, as always, doing the bidding of the global banking system to force middle-class-killing austerity on everyone.