unsustainable ... - U.S. Fiscal Policy After the Financial Crisis and Recession - .... Given current law and certain changes to that law that are broadly supported by the Administration and Congress, the budget deficit and debt are on a worrisome path—unsustainable in the long run and posing growing risks even during the next several years. ... - 11 pages Congressional Budget Office 
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we are ok - Federal Debt Crisis in the United States? - Bill Conerly - Does the federal government’s huge debt burden threaten an American debt crisis?  This is the second post in a series of three about the damage that might be done by our federal budget deficit and accumulated debt.  The previous one covered the risk of inflation.  The next will address tax hikes.  Today I’m talking about a debt crisis. - Businomics Blog
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scary chart plus lots more: EXTEND & PRETEND:  Is the US Facing a Cash Crunch? - Gordon Long
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The outlook for the world economy - Curb your enthusiasm - A welcome recovery—but an uneven one, with dangers both for sluggish Europe and bubbly emerging economies - from The Economist

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Here's The Ugly Math That Shows Why Saving Greece Is Mission Impossible - Gregory White - Money Game at Business Insider

Greece chart slideshow from Barclays Capital - Money Game at Business Insider

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Morgan economist sees U.S. rate hike in September - ... Morgan Stanley Chief Economist Richard Berner told Swiss twice-weekly Finanz und Wirtschaft in an interview published Saturday.  "I anticipate a first hike in September. That's when inflation expectations will change," Berner said. ... - MarketWatch

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For nations living the good life, the party's over, IMF says - By Howard Schneider - In the lingo of the International Monetary Fund, the future of the world hinges on "rebalancing and consolidation," antiseptic words that would not seem to raise a fuss. ... "It is not that living standards will lower, but they will not increase as fast as they have been," said Domenico Lombardi, a former IMF executive director. The ideas being discussed by world leaders "are coded words," he said. "They don't like words like 'imposing higher taxes' and 'cutting spending.' " ... - Washington Post
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Generation Y: The Broke Generation -  No group in America has been hit harder during the current recession than young adults.  Millions of Americans are graduating from college with virtually no money, lots of debt and with very dim employment prospects.  ...  But now millions of them are realizing that all of their studying and hard work is not providing them with the rewards that they always thought they would get. This is causing large numbers of young American adults to become depressed and disillusioned. - American Dream Blog

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Bond Traders Declare Inflation Dead After Yields Fall - By Daniel Kruger -  The bond vigilantes who punished governments for profligate spending in past years have gone into hiding – Bloomberg