Take a look at the new greenback. Yes, the Dollar is almost value-less. Charmin. The U.S. Treasury department proudly announced that our total national debt is $1.42 Trillion Dollars. This is more national debt than we have for the first 200 years of the U.S. of A(mnesty) In my prior post, I mentioned how this debt may, like, rebound. Some economists are now warning that unless the government cuts spending or (gulp) raises taxes, another economic crisis could occur. No shit. So let me see here. The Treasury released numbers on Friday showing that the government paid $46.6 billion more than it took in. This put the checkbook negative $1.42 trillion. (Bad enough it was $459 billion this same time last year under Bush...bad enough...and I know even though Bush was President, the Democrats had control of the House and Senate since 2006..) it's the biggest deficit since World War II. So what if this is the worst deficit since World War II. The government's credit card has no credit limit. No re-payment plan (yet). So what if Kenneth Rogoff, a Hahhvard professor and former chief for the International Monetary Fund said "The rudderless U.S. fiscal policy is the biggest long-term risk to the U.S. economy. As we accumulate more and more debt, we leave ourselves very vulnerable."
The government paid $190 billion just in interest over the last year on Treasury securities to finance the debt. This could go up to $17.1 trillion in 2019.
One of the worst parts of this tale is that we owe China $800 Billion. Hey we can top that. The U.S. government owes the Social Security trust $4.4 Trillion. It's all about the Benjamin's baby! Not to worry, with Obama bucks..we'll be fine. ( or fined?)
No comments:
Post a Comment