I just saw the documentary “I.O.U.S.A.” on CNN. Or, to be precise, I saw the last half hour of it, and then I went to the I.O.U.S.A Web site and viewed the “bite-sized” 30-minute version.
It’s alarming. I am not an American, and our country has so far maintained a modest budget surplus (this year, it may yet turn into a deficit, but perhaps not, as the days of the present government may be numbered) but I am still gravely concerned: a collapse of the U.S. economy or, more precisely, that of the U.S. dollar would make the Great Depression seem like child’s play in comparison.
No wonder many are expecting a near miracle from the incoming Obama administration. That is because it’s abundantly clear that “business as usual” means certain disaster. But what can Obama do? He may be exceptionally talented, but even so, miracles may be beyond his reach.