CBS — Who’ll Bail Out Uncle Sam?
September 17th, 2008 at 03:14pm Chuck Sweeny
Here’s a thought, courtesy of CBS News: Who’ll bail out Uncle Sam?
Here’s an excerpt from the story, by CBS White House correspondent Mark Knoller:
“The federal government may seem like a financial knight on a white steed riding to the rescue of big companies in trouble. The irony is that Uncle Sam’s got enormous money problems of his own.
“The government is far deeper in debt than any of the companies it’s bailing out.
“As of this morning, the national debt stands at over $9.634 trillion. That’s trillion - with a “T.” And that’s nearly $4 trillion more than it was on the day President Bush took office.
“This year alone, it’s costing taxpayers more than $230 billion just to pay the interest on the national debt. “
Entry Filed under: who'll bail out uncle sam?
3 Comments Add your own
1. MDH | September 17th, 2008 at 3:57 pm
The beginning of the end of this down financial cycle starts when 2 events occur, 1) the feds stop buying everything (although this is a more difficult battle as evidently the dems are now suggesting we ‘buy’ the big 3 automakers as well as houses for everyone who is in default…. are some people seriously begnning to consider if they too should intentionally stop paying their mortgage in hopes of a bailout?) and 2) overinflated property values come into natural balance with the market (remember, most homes are still worth significantly more than they were 5 years ago..despite the recent drawback).
I pray that the government quickly divests itself of its recent purchases and props.
2. hokumboy | September 18th, 2008 at 7:59 am
It’s a good thing we didn’t all listen to the Republicans and allow them to privatize Social Security a few years ago. Can you imagine the state of our economy if that had occured?
Now should be the time for our government to push savings bonds. They should have done that 7 years ago by issuing “War (on Terror) Bonds”, but that’s another story. Today’s money invested in bonds would help pay for this mess and the average middle-class American, having money where they feel is a safe place, may feel secure enough to spend a bit again.
3. Chuck Sweeny | September 18th, 2008 at 9:39 pm
Yes, I think social security privatization is out of the equation for a long, long time, especially when we’re nationalizing everything else.,
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