And what do we have to show for it? Nothing except a $14 trillion national debt and a trashed economy.
(LA Times)– If you’re like most people not involved with drug trafficking, you don’t often actually see U.S. money with more than one or two zeroes on it, as in $50 or $100.
Thus, Monday’s news that the national debt was approaching the legal limit of $14.294 trillion creates a Clint Eastwood-style political showdown in the soggy streets of Washington.
On one side is Obama and his Democratic gang, who’d like the limit raised so their government can keep operating. On the other end of Main Street is the newly enlarged posse of Republicans, who are feeling their enhanced leverage and want spending-cut commitments before going along with the usually pro forma limit-raising.
…Here’s why we mention June 1. On that day the national debt was “only” $13 trillion. It’s 214 days from June 1 through last Friday, Dec. 31. That’s 5,136 hours or 308,160 minutes or 18,489,600 seconds.
In those seven short months the national debt increased by $1,000,000,000,000.
That works out to be a growth in national debt of $54,084 borrowed during every single one of those 18,489,600 seconds.