How To Tell When Things Are Bad…

…when the New York Times runs a cover story suggesting that one way of getting out of the crushing national debt is to default on all loans.

The interest alone on the government’s debt may soon quickly exceed anything this country has ever known.  Did we not learn anything from the sub-prime mortgage crisis?  From the article:

In concrete terms, an additional $500 billion a year in interest expense would total more than the combined federal budgets this year for education, energy, homeland security and the wars in Iraq and Afghanistan.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s