Washington has already borrowed $45,000 for every American. In 5 years that figure will rise to $100,000 for each one of us. There is also hidden debt not counted in this figure, money losing government sponsored boondoggles such as Fannie Mae and Freddie Mac and a host of international organizations such as the IMF and the World Bank. They add trillions of dollars of debt along with the underfunding of the promises to provide cash and medical care to the elderly. Is your head spinning yet?
Last year the government expanded its role beyond the takeover of Healthcare. Congress created a self contained consumer regulatory agency inside the Fed with no oversight from Congress. The risk the Fed has taken on by shortening it’s buyback of government bonds is short of suicide. We now have to roll over the national debt every three and a half years.