December 3, 2007
How you can help with the national debt
AP tells us today that our national debt is growing by $1 million every minute. This rate is so fast that about a year from now, the debt clock pictured above that used to be on West 43rd St (it was moved recently to make way for fancy new green building One Bryant Park) won't even have enough digit spaces to express the whole number.
That's $10 trillion! $10,000,000,000,000.00! God bless America.
Since we're obviously a totally irresponsible bunch of financial reprobates, and considering that rising interest rates are only going to make things worse, this makes me wonder: What kind of idiot is still willing to lend us money?
According to AP, part of our debt is held by U.S. citizens who live here and read the paper every day and still think that buying government bonds is a good investment. But a lot of investors are foreign: 44% of our publicly held debt we owe to foreign governments and investors. Japan has the biggest share.
Former Congressional budget anaylst Stanley Collender is concerned. "The first day the Chinese or the Japanese or the Saudis say, 'we've bought enough of your paper,' then the debt — whatever level it is at that point — becomes unmanageable," he says.
Our individual debt allocations are already $30,000, so what the hell--we might as well be patriotic consumers and start buying as many products as possible directly from the countries that our government owes money to. Go ahead and stand in the huge, crazy line that forms outside the Nintendo store at Rockefeller Center at 7:30 AM every time they get a new shipment of Wii consoles in. It's good practice for the bread lines we'll all be standing in when we're old and Social Security is a distant memory.
And while you're at it, support our nation's fiscal philosophy and get some new credit cards. With a few more big credit limits, your salary is doubled!
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