THE EXPLODING DEBT
Now here’s a problem. The National Debt Clock billboard is getting ready to explode.
From Agence France-Presse:
Mon Mar 27, 9:23 PM ET
Tick, 20,000 dollars, tock, another 20,000 dollars.
So rapid is the rise of the US national debt, that the last four digits of a giant digital signboard counting the moving total near New York’s Times Square move in seemingly random increments as they struggle to keep pace.
The national debt clock, as it is known, is a big clock. A spot-check last week showed a readout of 8.3 trillion – or more precisely 8,310,200,545,702 – dollars … and counting.
But it’s not big enough.
Sometime in the next two years, the total amount of US government borrowing is going to break through the 10-trillion-dollar mark and, lacking space for the extra digit such a figure would require, the clock is in danger of running itself into obsolescence. . . .
Since 1776, we have accumulated a Nation Debt of $8.3 trillion, which will be $10 trillion or so by the time the White House changes hands. Roughly EIGHT trillion of that TEN trillion will have been racked up by just 3 of our 43 presidents: Reagan, Bush and Bush.
Even at today’s $8.3 trillion, let alone the $10 trillion we’ll shortly reach, and even at today’s relatively low interest rates – the annual interest on the debt, alone, is already is equivalent to 40% of all the personal income taxes we pay each year.
The Republican leadership – which called for a Balanced Budget Amendment back when the Clinton Administration actually was achieving one (for a while, that Debt Clock billboard needed to run backward) – now calls only for an Anti-Marriage Amendment, to discourage stable, responsible same-sex relationships and penalize the children of same-sex parents.
This is done in the name of the Lord. But a new web site questions that interpretation.
FAITH IN AMERICA
Here’s the site. And here’s one of the quotes I found telling:
[Slavery] was established by decree of Almighty God…it is sanctioned in the Bible, in both Testaments, from Genesis to Revelation…it has existed in all ages, has been found among the people of the highest civilization, and in nations of the highest proficiency in the arts.
—Jefferson Davis, President of the Confederate States of America.
Tomorrow: Back to Annuities
Quote of the Day
On the day of the 1983 economic summit, James A. Baker 3rd, then chief of staff, realized Mr. Reagan had not read his briefing book. When Mr. Baker asked why, Mr. Reagan responded, 'Well, Jim, The Sound of Music was on last night.'~Professor Herbert S. Parmet reviewing President Reagan: The Role of a Lifetime
Request email delivery
- Mar 26:
iPhone Tips And The KGB
- Mar 25:
Of Deficits And That Mechanical Swan
- Mar 22:
Pins And Groats — Be It Ever Thus
- Mar 21:
Demand Your Carbon Dividend
- Mar 20:
Success! Why Do New York’s Mayor And City Council Resist It?
- Mar 19:
The Other Kind Of Bankruptcy
- Mar 18:
- Mar 15:
Pete Buttigieg And John Delaney
- Mar 14:
The Fifth Risk
- Mar 13:
Reader Feedback: How About A Stock Update?
- Mar 26: