The Times They Are A-Changin'

[boomerang]

The New York Times had an epiphany today. Someone woke up and realized that we're in financial trouble.

Wave of Debt Payments Facing U.S. Government

With the national debt now topping $12 trillion, the White House estimates that the government’s tab for servicing the debt will exceed $700 billion a year in 2019, up from $202 billion this year, even if annual budget deficits shrink drastically. Other forecasters say the figure could be much higher.

In concrete terms, an additional $500 billion a year in interest expense would total more than the combined federal budgets this year for education, energy, homeland security and the wars in Iraq and Afghanistan.

“What a good country or a good squirrel should be doing is stashing away nuts for the winter,” said William H. Gross, managing director of the Pimco Group, the giant bond-management firm. “The United States is not only not saving nuts, it’s eating the ones left over from the last winter.”

The White House estimates that the government will have to borrow about $3.5 trillion more over the next three years. On top of that, the Treasury has to refinance, or roll over, a huge amount of short-term debt that was issued during the financial crisis. Treasury officials estimate that about 36 percent of the government’s marketable debt — about $1.6 trillion — is coming due in the months ahead.

I can only imagine what could possibly have occurred for the New York Times to publish this article. Is this a truly serious situation? Is the pressure too great from the electorate? Are they just waking to the fact that to sell papers the truth must be told? That investigative reporting is their only option for survival?

Regardless, it's a welcome change from the usual. The thread continues to unravel for this administration.

 

[Ausm]

So we need the party of No to lead us to the promise land?

 

[blackangst1]

With the national debt now topping $12 trillion, the White House estimates that the government’s tab for servicing the debt will exceed $700 billion a year in 2019, up from $202 billion this year, even if annual budget deficits shrink drastically. Other forecasters say the figure could be much higher.

In concrete terms, an additional $500 billion a year in interest expense would total more than the combined federal budgets this year for education, energy, homeland security and the wars in Iraq and Afghanistan.

I thought the health care bill would fix this?

In all seriousness, ffuuuuuuuuuu

 

[BoberFett]

So we need the party of No to lead us to the promise land?

I'm not sure what's worse, the Party of No or the Party of Yes. They're both screwing us over and laughing all the way to the bank, cheered on by zealots like you.

 

[TruePaige]

I'm not sure what's worse, the Party of No or the Party of Yes. They're both screwing us over and laughing all the way to the bank, cheered on by zealots like you.

The party of no is the party of yes, depending on how many seats they have.

 

[waggy]

The party of no is the party of yes, depending on how many seats they have.

this.

the new king is the same as the old king. but spending is really out of control. then again it would be nice if politicians were honest and no so damn corrupt.

 

[Ausm]

I'm not sure what's worse, the Party of No or the Party of Yes. They're both screwing us over and laughing all the way to the bank, cheered on by zealots like you.

OK I guess you have the answers for all the problems then?

 

[Hayabusa Rider]

I'm just waiting for someone to say they are just going to write off the debt, in essence bailing themselves out.

 

[waggy]

I'm just waiting for someone to say they are just going to write off the debt, in essence bailing themselves out.

lol

 

[bfdd]

I'd be lying if I said I wasn't going to try and find a job in China when I go next summer.

 

[Fenixgoon]

here's my theory:

politics is a lot like sex. no matter what position you're in, you're still getting fucked.


neither the democrats nor the republicans have a modicum of financial restraint. there simply is no point at which they will say "we can't spend any more money because we don't *HAVE* any"

as long as they can go into debt, they *WILL*. the second interest rates start rising again, we're going to be in a shitton of trouble because the interest on our debt will start approaching VERY large fractions of the annual congressional budget (it's already at 10% FFS!)

 

[Atreus21]

OK I guess you have the answers for all the problems then?

When in deep debt, stop spending.

That's an easy answer.

 

[Rockinacoustic]

Hu Jintao's getting antsy about his money too: http://www.youtube.com/watch?v=qlNrWLo4wEw&feature=player_embedded

 

[Ozoned]

I can only imagine what could possibly have occurred for the New York Times to publish this article. Is this a truly serious situation? Is the pressure too great from the electorate? Are they just waking to the fact that to sell papers the truth must be told? That investigative reporting is their only option for survival?

Regardless, it's a welcome change from the usual. The thread continues to unravel for this administration.

A lot of the major (lockstepped) news, entertainment, and media outlets have suddenly changed their faces. It started saturday. Is something amiss in wonderland? I don't think so. Something big is coming. All of the signs are there.

 

[Fear No Evil]

Another right-wing rag posting scare tactics and lies!

 

[boomerang]

A lot of the major (lockstepped) news, entertainment, and media outlets have suddenly changed their faces. It started saturday. Is something amiss in wonderland? I don't think so. Something big is coming. All of the signs are there.

I agree wholeheartedly. More than likely, their tactics are changing due to a fight for their very survival. I don't think the newspapers can be saved. The news networks are learning that they must appeal to the broader base if they wish to remain in business.

The pressure on this administration is quickly going to become enormous. It will be very interesting to see their reactions. I've seen young children throw tantrums before and it's never a pretty sight.

 

[frostedflakes]

OK I guess you have the answers for all the problems then?

It's pretty simple really, don't spend so much freaking money. Not the best strategy for politicians who want to get re-elected, though.

 

[waggy]

A lot of the major (lockstepped) news, entertainment, and media outlets have suddenly changed their faces. It started saturday. Is something amiss in wonderland? I don't think so. Something big is coming. All of the signs are there.

I think it has to do with a few things.

a) the white house's war with Fox. they are finally asking "who's next?"

b) maybe remembering that they are a news org and not the dalles cheerleaders

c) they see the rateings Fox is getting and know they need to change or die.


but i agree its weird that it seems like all of them decided to stop kissing obama's ass at the same time.

 

[TruePaige]

this.

the new king is the same as the old king. but spending is really out of control. then again it would be nice if politicians were honest and no so damn corrupt.

It'd be nice if I shit hundred dollar bills too...

 

[WhipperSnapper]

So we need the party of No to lead us to the promise land?

We need a "Party of No" that's prepared to say "No" to wealthy interests and that will do what is in the rational economic selfish interest of the majority of the American people. It can star by saying "No" to foreign outsourcing, H-1B and L-1 visas, and immigration (which causes population explosion and higher costs for resources and environmental degradation). It could also say "No" to the insurance companies, put them and their wasteful 17% of GDP that leaves tens of millions of people uninsured or under-insured out of business, and establish real economically efficient socialized medicine just like what other civilized first world industrial nations have (for a smaller percentage of the GDP we spend on health care).

I wonder what would happen if we defaulted on our debt. World War III?

 

[TastesLikeChicken]

It'd be nice if I shit hundred dollar bills too...

If you shat million dollar bills your hole would still be sore when all was said and done..and you'd have nothing left to wipe with.

 

[Zorkorist]

It's truly sick.

 

[gingermeggs]

We need a "Party of No" that's prepared to say "No" to wealthy interests and that will do what is in the rational economic selfish interest of the majority of the American people. It can star by saying "No" to foreign outsourcing, H-1B and L-1 visas, and immigration (which causes population explosion and higher costs for resources and environmental degradation). It could also say "No" to the insurance companies, put them and their wasteful 17% of GDP that leaves tens of millions of people uninsured or under-insured out of business, and establish real economically efficient socialized medicine just like what other civilized first world industrial nations have (for a smaller percentage of the GDP we spend on health care).

I wonder what would happen if we defaulted on our debt. World War III?

Not exactly, but you'll find yourselves left out of the trade circle world wide and an estrangement of foreign investment dollars. Shares will drop and companies will slowly shed low return assets that will tend to lower productivity and hand over the remaining manufacturing base to overseas interest.
I like what your saying above your question, stopping the economic waste both private and public is the answer, it is time for your country to focus on national economic issues much more seriously. I think you American's will turn it around over the next decade- You can't keep a good man down!

 

[gingermeggs]

Forcing the Chinese to float their dollar is another necessity.

 

[Zorkorist]

Here you go, Americans... we have foreigner's telling us how not to crash.

Do you think it may be worth one more intraspective look about where this country is heading? And, as American's, how to fix it?