Forget the sub prime fiasco. It’s nothing more than blip compared to what Uncle Sam has been up to with his own reckless borrowing.
I mean the irony of it all-the U.S. Govt. coming to the rescue of the financially irresponsible while its own financial house is absolutely burning to the ground.
It’s enough to turn your stomach.
But then again bailing out shaky homeowners buys votes, while getting their own house in order will cost them dearly-no matter how much it is needed.
Here’s another great read on the train wreck that is absolutely headed our way. Because just like all of those troubled folks out there in sub prime land, Uncle Sam’s numbers will just never add up no matter how hard he tries to fudge them.
From AP by Tom Raum Entitled: National debt grows $1 million a minute
"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.
It only gets worse.
Over the next 25 years, the number of Americans aged 65 and up is expected to almost double. The work population will shrink and more and more baby boomers will be drawing Social Security and Medicare benefits, putting new demands on the government’s resources.
These guaranteed retirement and health benefit programs now make up the largest component of federal spending. Defense is next. And moving up fast in third place is interest on the national debt, which totaled $430 billion last year.
"We pay in interest four times more than we spend on education and four times what it will cost to cover 10 million children with health insurance for five years," said House Speaker Nancy Pelosi, D-Calif. "That’s fiscal irresponsibility."
"The problem is going forward," said David Wyss, chief economist at Standard and Poors, a major credit-rating agency. "Our estimate is that the national debt will hit 350 percent of the GDP by 2050 under unchanged policy. Something has to change, because if you look at what’s going to happen to expenditures for entitlement programs after us baby boomers start to retire, at the current tax rates, it doesn’t work," Wyss said."
Let’s face it we’re run by clowns.
And one day soon we will all be sub prime unless we can learn to live within our means.
