The most interesting sounding of my academic articles, “Debt Crisis and Candy Cigarettes“, has a lot of interesting information. Sadly, only the last sentence involves candy cigarettes. The abstract basically reads “… interest rates… increase… credit rating firms… U.S. debt… ratio… GDP expands… investors… mismanagement … investment… George W. Bush… credit card… Bank of China”. However, after multiple readings and careful analysis, I came to a conclusion. I have no idea how to read economic things. Then came a second conclusion.
The claims that are made in the abstract are that 1) The U.S. get downgraded again 2) our debt/GDP ration increases, or 3) other countries decide we are too much of an irresponsible uncle of a country to lend money to, then interest rates on our debt is going to go up, and this rise in debt is almost guaranteed to happen.
They go on in the article to explain how the rise in the interest of the debt in an ongoing thing, and that by 2020, we are going to be in a lot of debt trouble. They actually don’t provide a lot of evidence, but the end very elegantly integrates the “Candy Cigarettes” into the title, with “All the news, however, isn’t bad. While mirrors and razor blades are being peddled in the street, inspectors from the government got on the ball and threatened Tobi Lyden, the owner of an old-fashioned soda shop in St. Paul, Minnesota, with fines and criminal citations for selling candy cigarettes”. While it has almost nothing to do with the rest of the paper, it does add that little extra something that made me click on the article in the first place.
The article really counters what the Cracked article claims. It says that the more debt that gets bought by foreign countries (in this case, China) the more debt we are going to go into, and in the long run, this is going to be a very bad thing.