credit card’s maxed out again, dude

wouldn’t you love to be able to raise the limit on your card every time you slammed up against it? well you can, by proxy. today treasury secretary john snow said “it would be inconceivable for Congress not to pass legislation on the debt limit before it heads into a recess at the end of this week”.they can’t shuffle retirement money around anymore i guess.

USD$8.28 trillion. your share, if you are lucky enough to be an american, is $27,713.58. (well by the time you read this it will have gone up). that swelling debt is being spent making our country stronger, safer, smarter and more competitive. how do i know? i saw it printed on a huge sign behind president bush when he was extolling the virtues of staying the course.
oh yeah, and the current account deficit went up 20% in the fourth quarter of 2005. (or as they like to say around the white house these days, the capital account surplus went up 20%).

Total US exports are just 10.5 per cent of GDP. In order to eliminate
the deficit, exports would need to increase by 70 per cent. “This is
clearly not going to happen,” said Mr Ashworth. “Instead it will
require a big dollar depreciation alongside much weaker domestic demand
for imports.”

a big dollar depreciation would sure take some of the sting out of that debt too! pay it back with paper worth half as much as what was borrowed, for example! hey shorting the dollar is patriotic!

2 comments

  1. The $28k debt per person is a scary figure. It’s even scarier when you consider that the per person figure counts debt owed by non-wage earners like children. If you look at the debt owed per household that number approaches $100k, or about three years worth of wages per household.

  2. does ANYBODY else remember the halcyon days of charging your monthly AMERICAN EXPRESS bill with your VISA card?

    ahhh…the late seventies were the sh!!!!!!!!!!!!t

    ya.

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