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what’s a little debt?

November 5th, 2005 · Comments

Wow. Is this true? prezzo has borrowed 1.05 trillion dollars, which is as much as the previous 42 presidents combined. Holy crap. That’s pretty scary. It’s a lot of money. It’s basically around 5000 bucks per american. Sweet. And now he wants to get rid of my mortgage interest writeoff. That writeoff is huge for the middle class (which I work hard to maintain my membership in), and the loss will dwarf any gain I ever saw in his tax cuts. This is evidence that they really were entirely for the rich (in case you had any doubts whatsoever). cheers.

Tags: Know your current events · Mouthinkin

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    I could be outraged about it, if I was surprised that it happened. I am not, I expected it. It was a well established pattern before the second election. However, what I am outraged about is that people do not want to pay for the damage done by the reckless demagogue [arr…leader] who they elected to be the president. And by the way, we do not even know a half of it yet [future will show the true human, social, political, and economic cost]. How is that for taking responsibility for our mistake? Who is going to pay for it, our kids or the Chinese ? I am not happy about it, but I am surprised that he came up with an unpopular idea looking like he wants to fix his problem [NOT a part of the past patterns]. He could have just cruised for the coming three years, and let the next dude deal with it. It could be another political diversion tactic, after all we never know Karl Rove’s motives for these odd ball ideas - W does not have to succeed, but gets the credit just for "trying". Yeah, lets go to Mars… Anyway, the alternatives are dire, per numerous articles in The Economist, this amount of our debt could cause total US or even world economic collapse if called. Chinese have been buying our bonds to stabilize the dollar from a free fall, but if they pull the plug [ask for their money back] US government could be insolvent… That’s a lot of power for the communists to have, and they could use those strings as political leverage as well. Good news is that for now it's not in their interest to destabilize US [who would buy their stuff then?]. Yet…
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