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WASHINGTON (AP) - The Treasury Department says the national debt has hit $9 trillion for the first time.
Last month, Congress passed and President Bush signed into law an increase in the government's borrowing ceiling to more than $9.81 trillion. It was the fifth debt limit increase since Bush took office.
I was originally holding back the belief that we are headed for hard times, but it seems to me that the government is doing NOTHING to prevent this!
I don't know about you guys but I would probably start saving here, now. Pay off your credit card debt and sell your truck for a tiny piece of crap Ford Focus or something.
I am going to move most of my small investment out of this country and dollar. The only way this can be paid off is with vastly depreciated dollars. I expect Federal interest rates to head over 10%, inflation of 15% per year and food, fuel and housing cost to become astronomical.
NINE TRILLION! Who was stupid enough to lend us that much money? Who was stupid enough to expect it to be ever paid back in real terms?
That'll teach Mr. Bush for engaging in a long, bloody and EXPENSIVE war that we didn't need to take part in. I don't wish to be all doom & gloom, but it'll only get worse. If we go into a deep recession, how are we going to claw our way out? They can't cut interest rates, obviously.
I think the deficit spending was designed to make it impossible to borrow money for anything but war to offset a recession/depression. It will effectively kill any social spending in this country. It is designed to do that and it will. We must consider that the powers that control the neocon wing of the Republican Party are very, very heartless people that only care for the advancement of the privileged few they work for. The big money wing of the Democratic party are not any different.
THT - Buy something that will last because you won't be able to afford to replace it. Ever!
Yes, I prefer to buy land when I can. I am probably the most frugal people on the planet and can squeeze a quarter so hard the eagle screams. Other than property taxes, I am clear, heck, I cut up my last credit card over the summer... done.
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I am probably the most frugal people on the planet and can squeeze a quarter so hard the eagle screams. Other than property taxes, I am clear, heck, I cut up my last credit card over the summer... done.
