In 12 years year the largest single item in the national budget won't be the defense dept.
It won't be welfare
It won't be medicare, or medicaid.
It won't be social security.
It sure as hell won't be education, or veterans affairs, or research grants.
There is NO DISPUTE that the single largest item will be INTEREST PAYMENTS on the national debt.
But Time Magazine thinks that despite the fact that no one disputes this, the real problem is not that we will spend more on JUST the interest component of payments (let alone the paydown itself), but that we ARE EXTRAORDINARILY CONCERNED ABOUT IT.
Can there be anything more iconic of PRECISELY what's wrong around here?
Almost everyone seems to think that these mounting debts are a severe threat to American prosperity. But what if the real problem isn't too much debt but too much anxiety about debt?
![Reblog this post [with Zemanta]](http://img.zemanta.com/reblog_a.png?x-id=1e298289-be47-401e-b568-22f784ad02e6)
2 comments:
I've got neighbors like that. As long as you don't worry about how much you owe and you make all your payments, it must be OK.
US citizens are worse than woefully uneducated in economics.
The person owing on $100,000 worth of toys is tho't in the US to be better off than the guy with no toys but $5000 in the bank and no bills. One is broke and just doesn't know it yet.
The US is broke/bankrupt and doesn't know it. Our children and future generations will be the ones to suffer.
We're screwed.
Apropos of nothing, but I just want to say that I'M FOR WHATEVER IT TAKES TO KILL THAT DAMN SOCIALIZED MEDICINE BILL! That thing has an undead lifespan that would put a vampire to shame.
Some of us learn the living-beyond-our-means lesson the hard way and early enough not to make the same mistake again. Unfortunately, we're outnumbered.
Post a Comment