Becoming a Squatter Nation
America’s drive down Big Spender Boulevard is leading from Squanderville to Debt City to Squattertown.
By Robert Morley
You live in Squanderville. Big house. Sparkly car. Lots of gizmos and gadgets. Life could hardly be better.
But what if Squanderville’s richest man told you that your finances were actually a shambles, you were going bankrupt, and that you would soon be homeless? To keep doing what you were doing would be financial self-destruction-a road to economic destitution.
Yet on a national scale, that is exactly what America is doing.
Way back in 2003, Warren Buffet, one of the world’s richest men, began calling America “Squanderville” for its proclivity for big spending. On a national level, he said that because the country was spending far more money importing foreign goods than it earned from exporting, the country’s wealth was being squandered for toys and trinkets. That year, America’s trade deficit was a record $489.4 billion.