by Ashley Tyner
This is one of the most sobering predictions I’ve seen of how long and deep the economic pain will be. Martin Wolf of the financial times isn’t the panicky type but with budget deficits soaring in the United Kingdom, he lays out how Britain may be heading for seven lean years. Could this be a model of where the United States is heading? Britain’s deficit is expected to reach 4.4 percent of gross domestic product next year. The U.S. deficit was 3.2 percent this year but with more bailouts on the way, we may not be far behind.
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