U.S. prospects

[Doug Henwood]

The 7% deficit figure refers, I think, to private nonfinancial 
borrowing of all kinds. Though I just looked at the latest flow of 
funds numbers, and the combined borrowing of households and 
nonfinancial business has averaged 8% of GDP so far this year - not a 
record, but on a par with the "reckless" 1980s.

Doug