Have You Lost Your Minds?
I know that there are limits to how much credit I can afford, what level of debt I can “service” without losing my home and cars. I am well aware that I cannot keep borrowing money forever. I realize that it is insane to borrow money to pay monthly expenses as a normal way of life.
Yet for some unfathomable reason, the President of the United States, his advisors, the US Congress, and apparently about half the people of the US don’t understand that simple fact. I’m bewildered because the President, his advisors, and the Congress are all supposed to be smarter than the rest of us. If you doubt that, just ask them.
I heard on TV news that the interest on the National debt would soon be more than $1,000,000,000,000.00 per year if the US does not stop borrowing and spending money like a drunken fleet of sailors. That is not a typo. It is, though, incorrect. Drunken sailors stop spending when they run out of money.
One Trillion dollars.
That is money we cannot stop paying without bringing the whole system crashing down around our ears. That is money that has to be paid before the first dime goes to national defense, foreign aid, school lunch programs, bank bailouts, and Social Security checks. About the only thing we can be sure will be paid ahead of the interest payments are Congressional salaries.
There seems no end to it. No one in government is even talking about reducing spending, much less paying off the debt. Are they all insane? Is there any other possible explanation?