Quote:
Originally Posted by ChicagoMark
This kind of fiscal irresponsibilty will be able to continue up to the point when it won't. That point when we will actually have to pay these debts with real wealth and not printed up Treasury notes is vastly approaching. Our "leaders" are anything but, and it doesn't matter which party they represent.
- A new housing law, signed last week, commits the government to backing some $300 billion in troubled mortgages.
- •A higher education bill adds $169 billion over the next five years.
- •The GI bill that extends education benefits to veterans or their family members will cost $62 billion over 10 years.
- •Congress boosted the statutory debt ceiling by $800 billion to $10.6 trillion. That's $4.8 trillion more than it was at the end of 2001.
Moreover, last week the White House Office of Management and Budget (OMB) projected the US budget deficit for the next fiscal year to be $482 billion, the largest deficit in US history in nominal terms.
U.S. spending obligations surge | csmonitor.com |
Its too easy to let all this happen.
Life today is so encompassing that what the government does is out of reach of comprehension.
Working 45-60hrs a week. Distracted by 5hrs or more a day of television. Keeping the books on water, electric, trash, internet, cable, cellphone, car payments, house payments, insurance, and credit cards. There are countless more obligations and distractions anchoring adults from keeping an eye on their government.