(Marketwatch) U.S. debt tops $17 trillion for first time

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Posted in * Economics, Politics, Budget, Economy, Ethics / Moral Theology, The National Deficit, The U.S. Government, Theology

6 comments on “(Marketwatch) U.S. debt tops $17 trillion for first time

  1. Br. Michael says:

    And it’s only going to get higher.

  2. Capt. Father Warren says:

    Yes it will get higher, the question is only “how fast and how high”.

    The current Debt Bill is a unique one. It specifies a date by which we can no long raise the debt level, but it does not specify an actual ceiling.

    Thus, the parasites in Washington are free to print and spend as hard and fast as they can before the bell rings to stop.

    Total insanity: is there anyone who believes we will not see a collapse of our current economic/monetary system? Anyone?

  3. Br. Michael says:

    According to the Democrats there is no down side and the debt is totaly irrelivent. I hope they are right.

  4. Capt. Father Warren says:

    I hear you, but hope is essentially a state of faith in something which in essence stands for nothing but more power.

    How can debt be irrelevant [assuming one does not want to crash the economy]? At a minimum we have to service interest on the debt. If interest rates rise [and they have been], debt service goes up; if rates really rise because of inflation fears, then eventually interest on the debt will consume all tax receipts. We will have to borrow [print] more; it is a viscious circle……leading to collapse.

    So, if someone tells you “debt is irrelevant”, my assumption is that this person is really saying “I don’t care if the current economy collapses”. That person is an enemy of the country as founded and needs to be defeated in their efforts to destroy the country.

  5. Br. Michael says:

    Well I agree with you, but but I am just repeating what they say. The debt keeps rising and no one in power seems to want to stop it, so it must be good. Personaly I think it’s nuts to borrow money to service existing debt, but what do I know.

  6. Capt. Father Warren says:

    Yes, it is nuts, history and commonsense economics agree. So, knowing this, what should each of us do? I like the old saying, “prepare for the worst, hope for the best”.

    If you think it is going to look like the Wiemar Republic here, what should one do to hedge against that?