The news on the economy here in The States has been getting downright bad lately. However everyone likes to bring up the fact that we have still seen mild growth even with all our problems. I wonder if that is really true if we balance the books. How much of this growth really exists at the end of the day when all the accounts are settled?

How much of that growth is offset by the growing trade deficit, and national debt?

How much of that growth is on people’s credit cards?

How much of that growth is going to be written off or paid at fractional levels due to increasing personal debt and bankruptcy?

How much of that growth is tied up in home loans that won’t be paid at the expected rates?

If these questions were answered would there still be doubt about a recession?