Tuesday, January 06, 2009

That's just the limit...

When I was a kid back at Millville Grade School, my old buddy Stinky Wilmont used to tell stories about his Uncle Pug. It seems he had a fondness for hard liquor, and according to Stinky, Uncle Pug knew his limit when he began to imbibe. The problem was he always passed out before he got to it.

We seem to have a similar problem with the federal debt. Anytime we get close to the limit, somebody moves it. And they move it pretty often anymore, about once a year, or there abouts. The most recent action to raise the limit is buried in last fall's bail-out bill, and puts the ceiling at $11.315 trillion. For now.

It causes all sorts of problems, too. The National Debt Clock in Times Square, that displays the ever increasing debt, ran out of spaces last year when the debt reached $10 trillion. Reports have it that its owners are working feverishly to design a clock that will register a quadrillion dollars. From the sounds of things coming out of Washington this week, they better start working a little faster.

As it stands right now, every person in the United States owes about $37,400.00 as their share of the national debt. That's if you don't count the unfunded future commitments to Social Security and Medicare. That kicks it up to about $160,000.00 per person.

I don't know about you, but I think that's about my limit.



Anonymous Anonymous said...

37thousand federal reserve notes per person? Our poor children. Our poor grandchildren. If we were to abolish the federal reserve and the i.r.s. would we still have to pay off that debt? What if the American People refused?
Since the "Fed" won't tell us what they did with the *trillions*, we ought to *cancel out* the debt...

4:20 PM  

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