The pessimists are getting a lot of play in the media these days.

The latest doom and gloom is an analysis by John Williams of Shadowstats.com. Williams is saying that if you honestly look at the numbers, the US Federal government owes more than the world produces. This mostly because of the cost of social security and health care. Click here.

You should probably take these estimates with a grain of salt. Williams has gotten into tussles with other economists over his calculation methods in the past (here). I think its probably his estimates are more extreme than is realistic, and its probably only getting play because of current high levels of federal spending.

Best,

James

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