Everything is Bigger in the US, Including the Debt

Obama is quite right when he says the US is not on the same path as Iceland.  When you get yourself into a hole the first thing you need to do is stop digging.  Iceland is in a hole, but it has also stopped digging. Not by choice, of course; Iceland actually had its shovels taken away. But at least the outcome is the same.  When one hits rock bottom one can always take comfort in the fact that the only way to go is up.  In the US they still have 536 people who can't seem to let go of the shovels and think the solution is to dig some more. 

 The US debt is now 11 trillion dollars.  To give an idea of how much that is- If the US paid the debt down 1 dollar a second it would take 348,808 years (yes, you read that right!) to pay off the debt.  The amount of the debt is staggering and yet they keep adding more to it.  The Social Security system is failing, the healthcare system is broke, the infrastruture is crumbling and the debt is just getting bigger. The US is definitely not headed the same way as Iceland. They are on a much worse course.

GTB

Obama: Ekki sömu leið og Ísland