Another catastrophe.

In 2001 the US had a budget surplus of $236 billion. Nine years later there is a budget deficit of $1.3 trillion. US Imperialism is sinking into the hole through tax cuts to the rich, recession, two wars, bail outs to the financial system and the rich and the stimulus program. What this deficit means is that US capitalism cannot afford its position as number one power in the world any longer. It only continues to hold it through massive borrowing and debt. This cannot last. Just like deep sea drilling makes inevitable catastrophes such as now in the gulf this running up of budget deficits makes inevitable catastrophes such as depressions, slumps and sovereign bankruptcy. US capitalism is heading for a new catastrophe.

Sean.