I know, I know, I said I wouldn't look at US news anymore today.<\/p>\n
But this one just blew me away:<\/p>\n
Congress passes $800 billion debt limit hike:<\/b><\/p>\n
With the government facing imminent default because it has depleted its authority to borrow money, the debt limit bill would pump up the federal borrowing cap to $8.18 trillion. That is 70 percent the size of the entire U.S. economy, and more than $2.4 trillion higher than the debt Bush inherited upon taking office in 2001.<\/p><\/blockquote>\n
\nSo what does this mean? It means that, well, since we're broke, and the law says we can't borrow any more money, lets change the law! <\/p>\n
Now ya see, any financial planner worth his weight in paper will tell you that borrowing more than 50% of your annual income is a surefire way to land in bankruptcy. Borrowing 70%<\/b> of your GNP is not only suicidal, it's just plain stupid. Unless you're the US, apparently…<\/p>\n
Just as a mental exercise, to try and visualize just how BIG a trillion dollars is, follow me in the following demonstration:<\/p>\n
1 trillion = 1000 billion = 1 000 000 million = 1 000 000 000 000 = 10^12.<\/p>\n
If you went back in time 10^12 seconds, you'd wind up in 29,705 B.C.<\/p>\n
\/end of rant. No more US politics for me today…<\/p>\n","protected":false},"excerpt":{"rendered":"
I know, I know, I said I wouldn't look at US news anymore today. But this one just blew me away: Congress passes $800 billion debt limit hike: With the government facing imminent default because it has depleted its authority to borrow money, the debt limit bill would pump up the federal borrowing cap to…<\/p>\n