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Oct

9

Need another sign that our economy is heading in the wrong direction? As of yesterday, the National Debt Clock in New York City has run out of digits. That’s 13 digits for those who are counting. In cold hard cash, this means that the National Debt is now over 10 trillion dollars.

As a short term fix, the dollar sign in the clock has been replaced with a 1 (see before and after below).

And don’t expect this figure to reverse its course any time soon. In addition to the 700 billion dollar bailout package for Wall Street and over a 100 billion additional dollars of pork barrel spending in that package, some economist estimate that the final bailout cost could grow as high as 2 to 3 trillion dollars. Whew!

Bottom line, we can’t keep going in the direction we’re now traveling. Our financial institutions need more oversight and as citizens, we need to ease up on pulling out our credit cards. The alternative if we don’t? We will become a permanent debtor nation and terrorist will become the least of our problems.

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