National Debt Grows $1 Million a Minute
December 4th, 2007Hmm. An Associated Press article that reads like a tinfoil wrapped Cryptogon rant…
I don’t quite know what to make of it.
Via: AP:
Like a ticking time bomb, the national debt is an explosion waiting to happen. It’s expanding by about $1.4 billion a day — or nearly $1 million a minute.
What’s that mean to you?
It means almost $30,000 in debt for each man, woman, child and infant in the United States.
Even if you’ve escaped the recent housing and credit crunches and are coping with rising fuel prices, you may still be headed for economic misery, along with the rest of the country. That’s because the government is fast straining resources needed to meet interest payments on the national debt, which stands at a mind-numbing $9.13 trillion.
And like homeowners who took out adjustable-rate mortgages, the government faces the prospect of seeing this debt — now at relatively low interest rates — rolling over to higher rates, multiplying the financial pain.
So long as somebody is willing to keep loaning the U.S. government money, the debt is largely out of sight, out of mind.
But the interest payments keep compounding, and could in time squeeze out most other government spending — leading to sharply higher taxes or a cut in basic services like Social Security and other government benefit programs. Or all of the above.
A major economic slowdown, as some economists suggest may be looming, could hasten the day of reckoning.
The national debt — the total accumulation of annual budget deficits — is up from $5.7 trillion when President Bush took office in January 2001 and it will top $10 trillion sometime right before or right after he leaves in January 2009.
That’s $10,000,000,000,000.00, or one digit more than an odometer-style ”national debt clock” near New York’s Times Square can handle. When the privately owned automated clock was activated in 1989, the national debt was $2.7 trillion.
It only gets worse.
Here’s my take on it Kev.
You have been attempting to do rational folk a service for some time, pointing at the various elephants in the carefully orchestrated ballet going on around us in world as portrayed via the rosy eye of the modern media.
The AP story creeping in on your editorial niche is likely a leading-edge “conditioning” piece. Much like the chemtrail nudge in the previous thread. Get used to it.
You warn of potential apocalypse. They’re SELLING apocalypse. With popcorn and balcony seats. Apocalypse to the people. (now that is a great album title) How much of it will be their own doing remains to be seen.
I begin to think that they’re just putting their own spin on events much larger than our little spinning rock, by way of continuing to do what they please. No evidence to the contrary is yet apparent.
And on that cheerful note, I must pour myself another mugful of raw milk from Bella and the girls and get to some chores out back while the weather takes a break. Winter fast approaches here at 50ºN latitude.
Miraculix,
Indeed, Why now? is the main question I have, about reading stories like that.
Maybe it’s related to the CFR-dollar-absurdity-end-of-national-currencies industrial complex:
https://cryptogon.com/?p=706
“Selling apocalypse,” as you put it… Or the Amero, or something else?
Changing the topic: Perhaps, with winter setting in where you are, you’ll treat us all to some of your writing. * nudge *
And you know what I mean: Your own site.
A WordPress.com site can be setup in seconds.
Re: raw milk: I got six litres out of our dear milk pet Coco a couple of days ago. I milk three teats and leave the forth for the calf, which is fattening to the point of making my mouth water to look at her.
Best to you and A.
Kevin
One possible subtext: “We can’t afford to bail out the mortgage mess. We’re mortgaged up to our eyeballs ourselves. You’re on your own foolish banks and deadbeat mortgage-debtors!”
The government won’t raise taxes or cut benefits — that would be political suicide for whoever tried it. Instead, they will continue to resort to the tried-and-true approach: inflation. They will simply print all of the dollars they need. The process won’t stop until either the American people wake up (unlikely), or the hyperinflation arrives and dollar becomes worthless.
When that happens, what a great excuse for a new currency and new borders. North American Union, here we come!