I watched a video clip today from Yahoo! Tech Ticker where some youthful idiot was saying that since our Debt to GDP ratio was less worse than many other countries that everything will be Ok. Sure.
Richard Russell thinks differently, and I’m putting my money on Russell.
He had this to say:
“The US national debt is now over $11 trillion dollars. The interest on our national debt is now $340 billion. This is about at 3.04% rate of interest. In ten years the Obama administration admits that they will add $9 trillion to the national debt. That would take it to $20 trillion. Let’s say that by some miracle the interest on the national debt in 10 years will still be 3.09%. That would mean that the interest on the national debt would be $618 billion a year or over one billion a day. No nation can hold up in the face of those kinds of expenses. Either the dollar would collapse or interest rates would go through the roof.”
Obama talks a good line, but other than taxing the snot out of us he really doesn’t have much of a plan for cutting spending, which is what needs to be done.
And for all of the Bush bashing and Cheney bashing about being war mongers, our presence in the no chance in hell war of Afghanistan has INCREASED under Obama, even if our Iraq presence has shrunk somewhat.
These wars are costing LIVES and our budget. We cannot afford either, even if there were something to gain, which I doubt.
Maybe someone in Washington will listen to Richard Russell, but I doubt it. Just make sure you do.
The only way to protect yourself, IMHO, is to get your finances positioned properly.
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