More a part deux to my previous post on "Headlines", I have read this morning that the US finally did it....we 'hit' the proverbial debt ceiling. What is it you ask? Well, I had no idea either and had to read the CNN Money article. What I read disturbed me so much that I am writing this morning, stone cold sober and no Sambuca (an entry for another day).
It would seem the "debt ceiling" is really a lesson in politics and the Legislative Branch of the US Government, at which point many of us turn off and read no further. I read further this morning finally. Back in 1917, after roughly 140 years, the congress passed a debt ceiling law that allowed the US to borrow, go into debt, up to a certain amount so that Congress did not have to sign off for every single dollar that was borrowed to run the government. The debt ceiling at that time, according to the article, was $11.5 Billion. Today, it is apparently set at $14.294 trillion. Yeah, and we are supposedly going further under EACH MONTH by like $118 BILLION.
The interest alone on that kind of debt has to be bigger than I can wrap my mind around....just the interest. Our great country is so used to the teat of the government, we are drowning in indulgence and have all but stopped working to create things. Well, there are still a few who create things.
Now, the curious thing about the article is the Chicken Little effect, you know, "The Sky is falling!" fears. Because of that fear alone emanating out of that article, I am less moved and will instead just watch my own $$, not indulge in debt if at all possible, and go make breakfast for my son.
Here's the link if you would like to read through it:
http://money.cnn.com/2011/05/16/news/economy/debt_ceiling_deadline/index.htm?hpt=T2
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