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1 Aug, 2011 08:46

All the US has done is slow growth of its debt – economist

Chief economist at Green Crest Capital Max Fraad Wolff says the compromise achieved by US legislators only changes the speed of at which the country’s debt is growing, without solving the bigger problem.

Wolff also maintained that no single plan will actually reduce the national debt.“They just change the speed by which it grows. Nothing is done to resolve the problem of insufficient revenue,” he said. “It is a spectacular public failure of the US political system, and it will take a while to figure out that they will not be minor and they will not be positive,” he added.Obama addressed the nation saying the time for putting party first is over. “He felt the pressure of the impending deadline. It is the worst self-imposed crisis that America is facing today. The president made a good, convincing speech. The problem is, it should have been done several months ago! But better late than never,” stated Wolff.Wolff told RT the debt limit of the US has been raised 90 times since 1940 – that’s 1.4 times a year every single year.