Wednesday, February 24, 2010
Our National Debt
President Obama signed into law raising our debt ceiling to $14.3 trillion.
I asked my wife to calculate a number for me while she was at her computer: Take 14Trillion and multiply by .03. She told me she couldn't do it, the calculator she was using ran out of digits.
Anyway, if our interest payment on a debt of $14 Trillion is 3%, that comes out to $420 Billion. Friends, $420 Billion per year, just to service our national debt. Let's have some fun. Let's say the interest on this $14 Trillion goes to 10%. Want to know the figure? $1.4 Trillion! Imagine $1.4 Trillion per year, just on interest only.
I'm no economist, but if may say in layman's terms, "Folks, we're in deep shit". I mean like really deep deep shit.
If my wife would join me on this, I would buy property and begin subsistence farming. I don't know what's going to hold for the future, but it's going to be one hell of a ride.
Labels: National debt.