The National debt is at least 10 trillion dollars. Today pundits are suggesting that it may cost us the government 24 trillion dollars to cover the banking mess, which figures out by their calculations to $80,000 per each person in the US.
Obama-our-mama is suggesting that we will have to spend a trillion a year extra to stimulate the economy, add another 4 trillion (4 year term). Then there is health care, figure another two trillion. So we have 10 +24 +4 +2 for a grand total of 40 trillion dollars. If interest rates go to 10 percent, there is no need for math. An empty gas tank is an empty gas tank, you walk.
The interest on 40 trillion dollars at 5 percent is 2 trillion dollars a year. We can’t possibly pay the interest let alone pay on the principle.
I do not get this Trillion here, Trillion there routine. Our government doesn’t have a trillion dollars in taxes coming in, in a year. We do have some Federal Reserve nut running around saying that this is an approach that has never been attempted and has a good chance of working. The words "Pipe Dream" come to mind.
My only question is this, why do we have to spend to keep this mess going? Let it fail. The poor have nothing to lose except their government check. The drug trade in this country could collapse from that alone. Big conglomerate shopping stores would go broke and Mom and Pop stores would rise up. There wouldn’t be ten restaurants on every block, people would take time to go home and cook.
This administration and the one before seemed to think that we can pull money out of a toilet. These Candy-Asses in charge have no concept of the mind boggling amounts of money they are trying to spend. They are nothing more than drug addicts that need their fix today. Tomorrow is another day. Keep the game in play. They will ruin us.
This can’t last much longer, maybe two or three months. How many American dollars do you want if they are going to triple the amount in circulation? Look for a collapse in the Chinese banking markets (they are on a roll like we had here). From there, the house of cards will fall. Paper money is backed by faith. When faith fails, gold, silver and your wife’s smile are all that is left. I rest my case.