Yes, I talk about debt too much. Maybe I am obsessed -- after all, I do have a widget displaying our national debt on this very page -- but eventually, a day will come when even our government will no longer be able to ignore it.
According to this from the BBC, a presidential panel set up to help trim the US budget deficit is finally calling for steep spending cuts and tax rises. Unlikely to happen of course, but at least the elephant in the room is no longer being ignored.
The article shares a great quote from Honeywell CEO Dave Cote's US Chamber of Commerce speech last month. Here is an extended version:
And how much is a trillion dollars? How do we put that into perspective? We work with millions and billions... but how to explain a trillion dollars to someone and how much that is? This is the best way I have found to get across the enormity of a trillion dollars. If you had spent a million dollars a day, every day, since Jesus Christ was born 2010 years ago, you would still not have spent a trillion dollars. And by 2021, that will be our annual interest bill alone!
There are only three ways to get out of debt: 1) Do the right thing and pay it back; 2) Be ethical, admit you are over-extended, default and declare bankruptcy, or 3) Cheat your debt holders, counterfeit currency and pay back your debts in worthless notes.
Only two of the above choices are ethical and legal, but which one do you think our government will choose?
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