U.S. Debt Poised to Overtake GDP

Hellooooo! Eh, no problem. According to VP Joe Biden, the stimulus bill was an absolute success.  Maybe so for labor unions, and government workers. The latter being the only job sector that has grown.

When government grows government jobs, it is adding overhead to an already broke company, or rather, country. Who pays their salaries? You do. Government employees and government jobs don’t make money, they consume it.

What happens next? Picture a snowball at the top of a hill. For the last couple years, economists were warning about out-of-control spending, deficit spending. So is China, a major benefactor of the dreamers in Washington.

The government is gambling with the future of the country, or more accurately, the future of your children and grand children. They claimed that all this spending was needed to jump-start the economy. Realists were warning that the debt is heading to an unsustainable point. They warned that when interest rates begin to rise from their all-time low, that we wouldn’t be able to make the interest payments on the debt, let alone the debt itself.

The problem is not where to get more tax revenue. The problem is where to find the guts to cut spending. Realists were telling Washington to look at Greece and Europe to see what we can expect to happen here IF we don’t roll back spending.

Well, it is starting. Interest rates on our debt is poised to rise. The time to get real has come. The time has come to put all our dreams of a socialist utopia behind us and realize the truth of the matter that, just like you and your household can’t live beyond your means, the country can’t either.

Link: U.S.’s $13 Trillion Debt Poised to Overtake GDP: Chart of Day – Bloomberg.com.

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