by Brian Maher
Daily Reckoning
How does a man descend into bankruptcy?
Gradually — then suddenly — in Mr. Hemingway’s famous telling.
The United States government has passed beyond bankruptcy’s gradual phase.
It has entered bankruptcy’s sudden phase.
Mr. Michael Hartnett, Bank of America’s chief strategist:
“The U.S. national debt is rising by $1 trillion every 100 days.”
United States debt first scaled $1 trillion 205 years after its inception. And today?