Here's a great infographic from Bankrupting America (the same group that produced the excellent "Honey Badger Goes To Washington" video) illustrating the scope of the debt ceiling problem:
Keep in mind, this only shows the last nine years of debt ceiling increases, and the debt ceiling bill that Congress finally passed this week doesn't actually reduce the debt, but only slightly slows the rate of growth. The Chinese are not impressed with these Congressional accounting tricks, and neither am I.
Keep in mind, this only shows the last nine years of debt ceiling increases, and the debt ceiling bill that Congress finally passed this week doesn't actually reduce the debt, but only slightly slows the rate of growth. The Chinese are not impressed with these Congressional accounting tricks, and neither am I.
It's cute how the MSM is surprised markets reacted badly to Congress running up $14 trillion in debt & then failing to do anything about it.
Sarah Rumpf
rumpfshaker
Sarah Rumpfrumpfshaker
There are a couple of factors that make the dept that the graph shows underrated. 60% of the debt is short term, like a credit card, in T-Bills. that means when interest rates go up the cost cannot be postponed into the future 5, 10, 30 years. We pay now, today.
ReplyDeleteSecond the total public/private debt to GDP ratio is 367%. Over 250% is fatal. We will go bankrupt. When? the "smart" Wall Street guys were saying 2018. I am not so sure. 2013 seems reasonable.
One thing is certain financial monetizing, printing money, takes about three years, give or take a few months, to hit main street. All Wall Street bankers and politicians know this.
October 2008, 2009 year 1, 2010 year 2, 2011 year 3.
Common knowledge among Austrian economist and bankers who bother to read banking history. Go to any decent Austrian economist web site and look at their 2008 blogs. All of them warned, and predicted, this crisis when the monetary base was increased 80% during the TARP bail outs, including mine I might add.
In other words this was very predictable to anyone who was not bogged down with dogma or just a greedy, dishonest sob.
You, me, and everyone on the right and left were lied to by Washington. Grab that pitchfork and work to get rid of Webster in the primary.
You really should read my blog.
Hint, hint, no one can read your blog if you post anonymously and don't share a link. ;)
ReplyDeletehttp://usa-wethepeople.com/
ReplyDeleteIt throws me off into internet land when I sign in under wordpress. Maybe because I have four accounts.
I also write in Florida Political Press