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Posted: 9:02 a.m. Friday, March 18, 2011
By Neal Boortz
Here's one of those statistics that I will through at you .. your eyes will glaze over .. and you will skim until you get to something mildly entertaining. But try and wrap your brain around this. On Tuesday of this week, the House passed another continuing resolution, which includes $6 billion in cuts. Six billion? That's all they could muster. On the same day the Republicans passed this bill and cut $6 billion from our budget, the national debt jumped $72 billion. CNSNews has another way for you to put it in perspective ..
If Congress were to cut $6 billion every three weeks for the next 36 weeks, it would manage to save between now and late November as much money as the Treasury added to the nation's net debt during just the business hours of Tuesday, March 15.
I don't know how else to stress this: we are operating at unsustainable levels. Unless somebody in Washington grows gonads of steel, it may be that we lead to our own destruction .. well, maybe not for me, I've outlived this thing. But for your grandchildren. They're screwed. Here's some light reading for your weekend: Already too late to stop debt crisis?
| Harvard's great economic historian, Niall Ferguson, noted that the decline of a country can be
marked when it pays its moneylenders more than its army. His classic case comes from the French monarchy of the 1780s that failed to make interest payments on their debt, causing the financial collapse that triggered the revolution. Recently, Carmen Reinhard and Kenneth Rogoff wrote a brilliant book titled "This Time is Different, Eight Centuries of Financial Folly." Their vast study revealed that most government officials always believe they are unique and different, causing them to make the same mistakes that crippled past nations and empires. |
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