Monday, September 3, 2012 – 05:00 p.m.
This week the Democratic National Convention (DNC) is being held in Charlotte, North Carolina.
Tuesday, as the DNC is kicked off, the U.S. National Debt will surpass the $16 trillion threshold.
That’s $16,000,000,000,000.00, and it doesn’t include state and local indebtedness either.
United States debt, without any serious intervention, is expected to reach $20 trillion in short order.
It’s interesting how these things just happen.
Filed under: Budget, Democrats, Economy, Finance, In the News, Politics, U.S. Government, U.S. Treasury
Stimulus package
“It is a slow day in the small Saskatchewan town of Pumphandle and streets are deserted. Times are tough, everybody is in debt, and everybody is living on credit.
A tourist visiting the area drives through town, stops at the motel, and lays a $100 bill on the desk saying he wants to inspect the rooms upstairs to pick one for the night.
As soon as he walks upstairs, the motel owner grabs the bill and runs next door to pay his debt to the butcher.
The butcher takes the $100 and runs down the street to retire his debt to the pig farmer.
The pig farmer takes the $100 and heads off to pay his bill to his supplier, the Co-op.
The guy at the Co-op takes the $100 and runs to pay his debt to the local prostitute, who has also been facing hard times and has had to offer her “services” on credit.
The hooker rushes to the hotel and pays off her room bill with the hotel owner.
The hotel proprietor then places the $100 back on the counter so the traveler will not suspect anything.
At that moment the traveler comes down the stairs, states that the rooms are not satisfactory, picks up the $100 bill and leaves.
No one produced anything. No one earned anything. However, the whole town is now out of debt and now looks to the future with a lot more optimism.
And that, ladies and gentlemen, is how a “stimulus package” works.”
Sixteen trillion is a whole lot of stimulation!
Stop and think what’s going to happen when the credit card is maxed out and the bills start piling up.
Think, DEFAULT !
Does the words Ponzi scheme give you pause?
Pause, no, FEAR-YES!