$12,082,000,000,000 is America's current debt ceiling. Now I know what you're thinking. $12 trillion doesn't really sound like much when you consider the New York Yankees payroll, but our debt is quickly approaching our gross domestic product (GDP) of $14 trillion. GDP is essentially the entire economic output of a country- all goods and services made and sold. And if the mupits in Washington have their way, the debt seiling will be raised another $1.9 trillion. Trillion. I'll say it one more time. Trillion.
Why is our Debt climbing at astronomical rates? Because congress continues to buy their job security by spending money we don't have. The last time our debt surpassed our GDP was during World War II. I think we can all agree that deficit spending was justified then. But what gives congress the right to ask for an additional $2 trillion dollars when our current debt is more than the bottom 160 countries 2008 GDPs combined?
At what point do we hold these power-hungry fools in Washington accountable? This isn't mommy and daddy's credit card bills they're running up. Call me old fashioned, but I'm thinking maybe we need to cut spending and pay off some bills. Just a thought. Our debt this fiscal year alone is $1.5 trillion.
In the meantime, we're going to hit our Debt Ceiling in the next few weeks so congress has no choice but to raise the limit, or stop paying our bills. The question is, just how much will they raise the debt ceiling, and when will someone throw some cold water in the faces of the spendaholics on The Hill?
More to come on this...
