The Conservative Cave
Current Events => Economics => Topic started by: Chris on April 24, 2009, 11:48:52 PM
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Sunday is "Debt Day". As of Sunday, the federal government has spent all the money it will raise in taxes for the current fiscal year. From now until the end of the fiscal year in the fall, the government will be spending money that it will borrow from the Chinese and others, which will be repaid by our children and grandchildren. With interest. This is the earliest Debt Day in modern history, if not ever. From 2002 until now, it has fallen between July and September.
http://www.powerlineblog.com/archives/2009/04/023404.php
Quite a sobering thought. :(