There is a brilliant article posted over at Spellchek today that you don’t want to miss on the subject of what we pay in interest on our national debt. There is also a need to go viral video on the subject that will take your breath away. Here is a snip from the Spellchek piece:
In fiscal year 2010, we spent nearly $414 billion dollars just on interest on the Federal debt. This year, we are on pace for over $431 billion. That’s over $13,672 PER SECOND!!! And it only gets worse and worse from here.
How does that number grab you; $13,672 per second! And, according to the video, in ten short years our annual interest on the Debt will be $1.1 trillion and by the year 2046 the interest on the debt will exceed the total of government revenues. That, my friends, is the future we are going to deliver to our grandchildren if WE THE PEOPLE don’t demand a stop to this nonsense. While our Congress and the President are arguing over reducing the deficit spending by government, they are doing nothing about reducing the debt and, therefore, the interest payments will continue to rise. The Sellchek author puts it clearly and in my opinion correctly when he says:
…We the people must demand austerity measures be enacted upon ourselves. As convoluted as that sounds, it’s true. Politicians on either side of the aisle (most, not all) have no interest whatsoever in stopping or reducing debt limits. It translates directly into smaller government. Smaller government means less power…
That is right! Until WE THE PEOPLE demand that government apply austerity programs on us, it is not going to happen. What do you think the chances of that happening are? Slim and none, right?
As long as I am laying depressing news on you, I may as well continue with some more. Everybody is talking about inflation except the Fed and the President. Probably the major factor driving inflation of gasoline and food is the weakening dollar. CNBC staff writer Jeff Cox writes Don’t Like a Weak Dollar? Might as Well Get Use to It . Here is some of what Mr. Cox has to say:
The greenback is approaching pre-financial crisis lows and threatening to smash through its all-time low when measured against the world’s predominant national currencies.
“Panic dollar selling is setting in,” Gartman, a hedge fund manager and author of “The Gartman Letter,” wrote in his daily commentary. “This may carry farther than any of us dream of or, worse, have nightmares of.”
Gartman described the dollar as being in “serious jeopardy” because of its status against the euro, which was defended recently as European Central Bank President Jean-Claude Trichet announced a rate hike in the zone.
No such defense is being offered in the US, where neither Fed Chairman Ben Bernanke nor most of the rest of the central bank’s Open Market Committee seems much in the mood to raise rates despite the anemic dollar. Though the Fed is ostensibly apolitical, there is no pressure as well from the Obama administration to boost the dollar’s value.
Nobody is going to help us folks. We have to help ourselves. Spellcheck got it exactly right. It’s only money; but it’s your money. What are your thoughts?