Well, the press is out claiming the government's "victory" for the August 2nd, 2011 debt deadline where the government will not have to default on it's debts.
So, why am I not jumping up and down for joy?
Let's put it this way in plain terms. It seems our government doesn't have a hint of common sense when it comes to finance.
One of the main aspects of the deal is a raise in the debt ceiling by two and a half trillion dollars. Yes, that is correct. Not million, not billion, but TRILLION! This means the government plans to borrow more and more money instead of actually getting rid of the debt.
Here's another claim of "victory" by the government on the deal. It plans to pay off one trillion dollars of the debt in 10 years. Yes, ten years. In other words, it plans to pay off one trillion dollars in that time while have the capability to borrow more then that. And you can count on the government throwing some more bailouts, etc, during that time. Oh yeah, did I mention the total debt right now is more then $14 TRILLION?!
Never have I become more frustrated with a government that can't literally balance its own checkbook. It wants to spend and spend and spend some more. The "experts" in Washington D.C. think throwing money at problems is the best solution.
Actually, I'm more then frustrated. I'm actually ashamed of my own government. The sad part is this cycle will probably continue. Lets see how high we can get our debt is the name of the game!
