A Real Washington Scandal!!

[AGENDA21]

Supreme Court nominations, congressional ethics scandals, and insider politics dominated the Washington headlines in recent weeks. But perhaps the most important story, in terms of its impact on average Americans, has gone virtually unreported.

Later this month our Treasury once again will hit the "debt ceiling," a figure based on federal law that limits the amount of money the federal government can borrow. The total amount of federal debt as of this month is a staggering $8.2 trillion, a number that is almost incomprehensible. The effects of this debt, however, will be felt by all of us in the form of inflation, higher interest rates, and a weakened U.S. economy.

Snip...

As economist Addison Wiggin states, however, "The Grand Experiment with paper money is running its inevitable course. Bernanke's biggest challenge is the challenge of central banking itself: You can control some things, but not everything. In the Fed's case, it can control the quantity of money or the quality of it, but not both at the same time."

http://www.house.gov/paul/tst/tst2006/tst020606.htm

[TechBear_Seattle]

1. Since the beginning of the current fiscal year?

That starts in September, I think.

[Wilms]

2. Damn those "Borrow and Spend" Republicans.

We'll have to wait for another "Tax to Pay Off Republican Debt" Democrat.

[Ksec]

3. SOON, the dollar wont be worth the paper its printed on.

Im serious. A buck wont be worth a nickel

Beware, its coming.

[WI_DEM]

4. When they ask the Congress to lift the debt ceiling all Dems

sbould vote "NO". Let it be Republican votes that put it over.

[Greyhound]

5. 8.2 trillion IS incomprehensible. It is beyond the capacity of a human

mind to imagine that many of anything, it is an abstract concept at best.

[Toots]

6. It is costing us over a $500,000.00 a MINUTE just on interest on the debt

And that figure could easily double if interest rates go up only a little bit... A half million a MINUTE and rising