Saturday, October 03, 2009

Degrading of National Balance Sheets

Another painful reminder of how degraded are previously precious resources in the United States. The American Society of Civil Engineers has given a failing grade of D to the nation's physical infrastructure (Here) with not a single grade higher than C+. This has been a trend for some years now. The Society regularly monitors the conditions of the country's infrastructure.

Now universities are being degraded due to lack of financial resources. Read this.

Obama's stimulus packages were importantly meant to upgrade some of those resources.

Well, in theory.

We know a lot of that public money has simply gone straight into Wall Street's dark hole. A lot of that has gone to save the jobs of the privileged few who are rich beyond any human scale to begin with.

When a nation's balance sheets are as highly leveraged as the US's are (in simple words the US has a lot of debt), when human capital is not growing fast enough to meet tomorrow's challenges because the Berkeley's and others similarly excellent universities are starved for funds, that country will decline.

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