|Brother, can you spare $6,493?|
|Thursday, 23 December 2010 00:58|
Yes, the call is no longer for a dime, but for literally tens of thousands of them - 64, 930 of them to be exact. What is this big number for, and why do I need it? For the same reason you need it. As does your neighbor, each of your friends, and everyone who lives around you. Where did this come from?
It's simple: it's your share of the new debt liability incurred by the US Federal Government in 2010. Yes, the Federal Government's liabilities rose by $2 TRILLION in 2010; since there are 308 million (give or take a few tens of thousands) in the US, we're each lucky owners of $6,493 in debt! If you're married and have two kids, you now - as a household - have another $26,000 in debt to concern yourself with (thankfully, your pets are exempt - for now, at least).
The President of the United States, President Barack Obama, ran on a platform of fiscal responsibility, of controlling spending. And we've seen the results - nearly $4 TRILLION in new debt in less than 2 years, and it's growing at an increasing - not decreasing - rate. The solution so far has been to increase our future liabilities (wait until Obamacare kicks in - this liability will really accelerate), and increase our borrowing - after all, if we're in debt, the best way to get out a fiscal meltdown is to spend even more money.
So tonight, as you're buying those last-minute gifts, and planning your Christmas meals, and thinking about the holidays, I wish each and every one of you warm, happy thoughts about this little gift brought to you, by our own Uncle Sam and our elected officials in Washington DC.
Here's hoping that Santa brings me some coal; at least I can burn it to keep the house warm!
|Last Updated on Thursday, 23 December 2010 01:08|