Here's one trillion in 100 dollars bills...
Rather than make necessary budget cuts to get the national debt under control, our political “leaders” decided to kick the can down the road. Now we’re days away from the national debt topping $15 trillion – with no end in sight.
It will be the latest sobering economic milestone that few were hoping to see: The U.S. national debt – any day now – will soar above the $15 trillion mark.
As of this writing, the total debt is $14.97 trillion, so moving beyond the symbolic $15 trillion is a foregone conclusion. When the unwelcome milestone is reached, it will come at a volatile time both in this country and abroad.
Across the Atlantic, President Obama is in Cannes, France, for the G-20 summit that takes place as Europe is trying to finalize a bailout for debt-ridden Greece.
Back on the home front, Obama is preparing for a difficult re-election fight next year. Republican candidates from Mitt Romney to Herman Cain have pounced on the country’s economic woes in their bids to win the GOP nomination and the chance to oppose Obama. Meanwhile, the Occupy Wall Street protests directed at the nation’s financial inequalities continue to rage across the country. (Read More)
It doesn’t get any better from there. Monthly jobs numbers came out this morning and it wasn’t exactly good news. Even uber-liberals like Robert Reich couldn’t spin the measly 80,000 jobs created into something positive. It’s even worse when you consider that these 80,000 jobs created are fake.