Like we got DEBT??

[FarmerChick]

they got it worse

http://att.my.yahoo.com/_ylt=Ag9Xy8...cle/391552/is-sovereign-debt-the-new-subprime

 

[TanksHill]

Wow!!

 

[k0xxx]

We are not too far behind. Ben Bernanke has already testified before congress that, having printed so much money, the Fed will have to raise interest rates in the not too distant future in an attempt (probably futile) to keep inflation under control. In the late 70's and early 80's, after printing what amounts to about 1/36th of the current amount printed, the interest rates went to 21.5%.

So far in 2009, the US Government has spent $383,363,826,680 (383 billion) in interest payments to holders of our national debt. That's with treasury yields of under 2.5% for short term bonds. Most of our national debt is now made up of short term Treasury Bills. If interest rates were to rise to levels of the early 1980s, the interest payments on the debt could easily pass 2.58 trillion dollars. Thats more than the total yearly income of the US Government. Add to that the additional spending that Congress is currently considering, and the effect that Cap and Trade would have on the economy.

It took 25 years, from 257 billion dollars in 1950, to over 533 billion in 1975, for our nation to double its national debt. Most recently, our national debt has doubled from 5.8 trillion dollars in 2001, to its 2009 level of over 12 trillion dollars. Its' projected that it could double again in five years. Congress just passed legislation to increase the debt ceiling another 1.8 trillion dollars.

If our leaders do not get a handle on this spending, things could get messy for us financially. Only government could come up with the idea of spending our way out of debt.

 

[FarmerChick]

Nations are going down, down, down

Ugh

 

[k0xxx]

Our spending outlook from the Washington Post.

Here's a link to the story .