Blind Addiction

Your lights are on, but you're not home
Your mind is not your own
--Robert Palmer

US public debt recently crossed $14.2 trillion which nearly matches annual GDP. This debt level amounts to nearly $46,000/citizen and over $128,000 per taxpayer.

State and local shortfalls amount to nearly $3 trillion more.

Total US debt exceeds $55 trillion, or more than $676,000 per family. This does not include unfunded entitlement liabilities of at least $30 trillion.

At the federal govt level, we are borrowing nearly $5 billion/day and face daily interest expense of over $500 million/day (expense that will surely rise when the Fed loses control of interest rates).

Federal govt outlays are about $3.5 trillion/yr, which creates a deficit of $1.5 trillion annually.

This is where we are.

And yet there are those who suggest that our current finanical position is not dire.

The Federal government just passed another temporary budget extension that included $6 billion in domestic spending cuts--less than a day's worth of Fed govt spending. Some in Congress are calling these cuts draconian and that no more can be done without crippling government.

Denial and escalation. Traits of the addict.

no positions