Thursday, March 09, 2006

A Trillion here A Trillion There...Soon It Adds Up To Real Money

There is a very interesting article at AlterNet that pretty much sums up how the U.S. Economy is adding heaps of debt to an already strained tax payer.

In the year this blog has been in existence, I've had a gut feeling that something was wrong in the economy as there was no real indication that people are saving money. This revelation came after moving into an established neighbourhood where everyone on the street tends to be 70+ years old.

What the Geezers have taught me is to save for a rainy day because it will likely come sooner than later.

With the U.S. economy carrying the burden of over $5 Trillion dollars (and growing rapidly), the interest payments alone suck over $350 Billion out of the economy.

But, like those who need to raid their retirement savings to pay off their credit debt, there are href="" that the U.S Treasury Department is raiding the Civil Service Retirement and Disability Fund to provide it with a "Few Billion" dollars of extra borrowing capacity.

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