It's 7:25 am and I just ruined your day
Wednesday, March 18, 2009 at 07:21AM It's official ... our national debt has now hit a mind blowing staggering $11 trillion. That's basically the size of our economy, more or less. By the time President Obama's first term is over, our debt will have surpassed the size of our economy.
I'm not an economist, and I don't play one on tv, but the little I know about macro-economics points to this being a bad, bad thing. I don't want to get technical here, but the best way to describe it: rut-roh.
Long term it means the cost of borrowing will be higher, the value of the dollar will be less, and it severely limits the investments we can make in healthcare, education, and energy. And keep in mind: this is before the explosion in Medicare, Medicaid and social security spending that will come due when the baby boomers start retiring en masse.
And the talk in Washington is about a second stimulus plan? Makes no sense at all ...
Reader Comments (5)
trust me, we will be fine
Hope and Change, right Mitch?
right on. in obama i trust
Really Mitch? How about little Timmy? He hasn't exactly been doing a bang up job...
Little Timmy is about to join the unemployed