Including the recent $700 billion bailout of the financial industry and $100 billion dollors for Fannie and Freddie, the US has now dug deep enough into the hole to necessitate an extra digit on Times Square’s National Debt Clock. Rolling over to above 10,000,000,000 dollars, over the weekend, the first digit previously used for the $ sign had to be changed to a 1 to mark the 10 trillion dollar threshold. (WKYC)
Now, maybe it’s just me, but how far into debt can we go before people start wondering whether we’re worth the investment. Just for the sake of context, in 2006 back when the debt was around $8.5 trillion, the US paid $406 Billion in interest on the debt. Compare that to the roughly $95 billion we spent on education or the $60 billion we spent on transportation in the same year. What will it take to turn this around? How long can the country go before we realize the danger we’re in.
Courtesy of http://www.federalbudget.com/