Debt and YOU!

What's really sad to me is that our so called 'intelligent' government leaders can't see what the real problem is with our country right now. The entire real estate 'bubble' along with the credit 'bubble', which has caused the economy to tank (and 84 banks to fail this year alone, has one common thread. The American consumer has put themselves neck deep in debt. Sure, credit card companies make it easy to get credit, but virtually impossible to get out of debt once in it. But the responsibility ultimately lies with the individual. GASP! Responsibility? Out of the question for people in this country any more.

But let's take this idea up one level and look at the federal government. We all know that the government has been running a debt for quite a while now. (Virtually since LBJ and Social Security) But, this current administration has taken our debt to whole new levels of scary. Let's examine just one part of the problem. The interest on the $748B (that's BILLION) TARP bailout package alone runs $100M a DAY. One hundred MILLION a day. In interest. A day. That's $36.5 BILLION a year in interest.

Now, let's look at the next 10 years. Obama's administration has put us $9 Trillion in debt over the next 10 years. What happens if we default on our loans, our lender forecloses on our house, or repos our car. What happens if the government defaults? Has ANYONE in Washington considered this at all? Are they really so shortsighted that the world is a bottomless pit of money we can continue to suck dry like a vampire? Are any of you scared yet?

If we default, we will cease to be a super power. Hell, we'll cease to be a power at all. The rest of world will carve up the country in order to recoup their losses. In effect the will REPOSSESS THE COUNTRY! NOW are you scared?

How much more in taxes are you going to have to pay in order to pay this off? How much more can you stand to pay? For me, as much as 40% of my paycheck goes into taxes now. And I'm very lucky, my health insurance is COMPLETELY covered by my employer. I pay no premiums at all. So that's not coming out of my check. But this is making me very nervous.

It's an incredibly narrow-minded and stupidly avoidable downward spiral. The government jacks up taxes to pay it's bills. The increase in taxes means more people have less money to pay THEIR bills and have to rely on government assistance. Which, of course, requires more from the government, who increase taxes to pay for it, who send more people to the dole.

It won't end until America is no more. We're running on empty, folks. I believe we are living at the time of the Decline and Fall of the American Empire.

Sad, really.