Saturday, November 10, 2012

Just guess how much we ALREADY owe!

Great Mark Steyn column, as usual. Some highlights (or lowlights):
"If you add up the total debt — state, local, the works — every man, woman, and child in this country owes 200 grand (which is rather more than the average Greek does). Every American family owes about three-quarters of a million bucks..."

"In my own state, where the Democrats ran the board on election night, the “Live Free or Die” license plates look very nice when you see them all lined up in the parking lot of the Social Security office."

"...in order to generate every dollar of economic growth the United States had to borrow about five dollars and 60 cents. There’s no one out there on the planet — whether it’s “the rich” or the Chinese — who can afford to carry on bankrolling that rate of return."

"...the U.S. Treasury sells 70 percent of the debt it issues to the Federal Reserve — which is to say the left hand of the U.S. government is borrowing money from the right hand of the U.S. government. It’s government as a Nigerian e-mail scam..."

"Americans as a whole have joined the rest of the Western world in voting themselves a lifestyle they are not willing to earn. The longer any course correction is postponed the more convulsive it will be."

Depressing that Americans just voted to make the situation a whole lot worse.

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