Pinging pingers and cross-linking this with STARWISE’S Limbaugh and Kanjorski/$550B post:
http://www.freerepublic.com/focus/f-news/2329881/posts
Conservative talk radio like Rush, Hannity and Levin almost have to tell their listeners this story because they were telling us for so long that GWB had a strong economy when it was just a housing bubble that naturally crashed because interest rates finally went up to control inflation, check out this
“Growth” is in the Eye of the Beholder by Peter Schiff May 04, 2007
"Also ignored in the rhapsodizing over U.S. GDP growth is the extent to which consumption has been paid for with borrowed money. Since these debts must be repaid with interest, GDP will likely decline even more significantly in the future. Had we borrowed primarily to finance capital investment this would not be the case, as the loans could have been repaid out of increased income. However, as the vast majority of borrowing is simply used to purchase consumer goods, the income needed to repay the debts will have to come at the expense of reduced future consumption.