Debt: Our 9 Trillion Pound Gorilla

[marmar]

from In These Times:



Views > March 25, 2008
Debt: Our 9 Trillion Pound Gorilla
By Susan J. Douglas


Who would have thought that we might ever miss Ross Perot?

Squawking at us with his graphs and pie charts about the dangers of deficit spending and the mounting national debt, Perot was especially outraged that the debt had gone from $1 trillion in 1980 to $4 trillion by 1992.

He got people’s attention about mortgaging our children’s futures and won 19 percent of the vote in the 1992 presidential race, the most for a third party candidate since Teddy Roosevelt in 1912. (This despite being featured on the cover of Weekly World News with space aliens.)

As we brace for the Swiftboating to come this summer, I find myself nostalgic for a Perot infomercial where he would make clear that my daughter, or my friend’s infant—all of us, as of now—each carries nearly $31,000 of this debt. And we don’t owe it only to each other.

We are in major hock to China, Japan and other foreign countries. Given the subprime disaster, rising unemployment, a reeling stock market, a teetering construction industry and considerable under-reported inflation—you know, all the markings of the “r” word—it is striking that the debt is not a major campaign issue for the Democrats.

Today the national debt is $9.2 trillion. And hardly anyone is talking about this. We’ve had rabbinical debates about healthcare and moronic charges and counter-charges about who’s ready “on day one” to be president. But the poor bastard who walks into the Oval Office next January will confront the $9 trillion-plus pound gorilla sitting in the room. ......(more)

The complete piece is at: http://www.inthesetimes.com/article/3573/debt_our_9_trillion_pound_gorilla/

[enid602]

1. killer

The real killer is that we have millions about to retire over the next decades; not a good time to have a substantial portion of your fiscal budget going to pay trillions in debt. With all the talk of a weaker dollar, we'll have to pay higher interest to turn over those T-bills. I read a few years ago that although T-bill maturity rates range from short-term to many, many years, the average T-bill has to be turned over every 22 days. This does not look good.

[cnk_clark]

3. That would be me.

I am going to retire in a few years. And I DEMAND all the government has promised to me.

Since I am one of the early baby boomers I will get my SS but the later ones will probably have to work longer as there will be a 35 trillion demand on the economy for the retired baby boomers.

Taxes will to sky high to pay for it.

None of our elected officials seem to be able say no to spending.

We are doomed.

[slipslidingaway]

2. K&R thanks n/t