Happy Twenty Three Trillion Dollars
Yes, it was a big weekend for milestones. First, let me start with something personal. My oldest son Blaine, turned 18 this weekend. It is amazing how time flies. I know--this is what everyone says. It is so true. Time seems to go into hyper drive once kids hit a certain age. Cherish your time because it does go by fast!
Let's see what else happened this weekend - I confirmed losses in 2 of 3 of my fantasy football games. My LA Lakers lost to the Raptors breaking a 7 game winning streak. Baylor Bears sqeaked out a nail bitter and now have a 9-0 record. Our High School Girls's volleyball team won state! There is the Cowboys, their loss and a coach who thinks 57 yard field goals, and a non-existent running games are going to win games. While the hustle and bustle of the weekend was playing out another milestone was about to hit.
Our country is now officially 23 trillion dollars in debt! We went from 22 trillion dollars to 23 trillion dollars in a mere 9 months. So, riddle me this -
We are clearly out of control spending money as a country.
The Federal Reserve Board is pumping money into the economy...again.
The interest rates have been lowered to dangerously low levels for an economy that is not in a recession.
We should also be seeing the benefits of a record tax cut by now.
Yet,,,,economic growth is anemic at best. Why doesn't this seem to concern anyone else? Now consider these numbers:
We have 1 trillion dollars plus in credit card debt.
We have 1 trillion dollars plus in auto loans.
We have 1.6 trillion dollars plus in student loans.
(authors side note - a trillion is a million millions)
Elizabeth Warren, if she became President, would without hesitation spend tens of trillions of dollars on "stuff." It it is estimated that it would cost 99 trillion dollars!
We have a Congress and a White House who won't even mention the national debt in the same sentence with the words concern or solution and are more likely to say the word default.
Does anyone else see the problem? It is like a highly functioning addict. The addict seems OK and can function in day to day life. Yet, their desire for the drug of choice is getting stronger by the day. Our drug of choice is debt.
Debt is not a problem until it is a problem....then it is an overnight nightmare. Welcome to the upcoming financial problem. As long as we can stay in an environment where we can produce debt at this rate, we will be just fine. However, that environment will change some day. The time to get responsible is today and not when we are forced to do so. Yet, this is not even on the radar in Washington. They probably will address it when it is beyond repair.