Time, austerity and deleveraging are the economic cure–not God, magicians or politicians

With all the buzz this weekend about the fresh-faced Ryan joining the Romney ticket one might think the smiling duo is a game changer in terms of the economy and recovery. Who knows which team will win more votes in November, but truthfully neither party has made any mathematical sense to date. The fact is that total US federal debt (included unfunded obligations promised) is now about 70 trillion dollars and growing 10 million dollars per minute.  There must be entitlement and defense cuts as well as revenue increases to dig the country out of its current hole.

Here is a direct link.

And the incoming recession will render present deficit projections by both parties overly optimistic. Here is a direct link.