US debt hits 89%- dems spend more <HR style="COLOR: #8c735a; BACKGROUND-COLOR: #8c735a" SIZE=1><!-- / icon and title --><!-- message --><!-- BEGIN TEMPLATE: ad_showthread_firstpost_start --><!-- END TEMPLATE: ad_showthread_firstpost_start -->http://thehill.com/blogs/on-the-mone...begins-to-slow <!-- BEGIN TEMPLATE: bbcode_quote -->Quote: <TABLE cellSpacing=0 cellPadding=6 width="100%" border=0><TBODY><TR><TD class=alt2 style="BORDER-RIGHT: 1px inset; BORDER-TOP: 1px inset; BORDER-LEFT: 1px inset; BORDER-BOTTOM: 1px inset">The gross U.S. debt is approaching a level equivalent to 90 percent of the country's gross domestic product, the level at which growth has historically declined, said Carmen Reinhart, a University of Maryland economist. When gross debt hits 90 percent of GDP, Reinhart told the commission during a hearing in the Capitol, growth "deteriorates markedly." Median growth rates fall by 1 percent, and average growth rates fall "considerably more," she said. Reinhart said the commission shouldn't wait to put in place a plan to rein in deficits. "I have no positive news to give," she said. "Fiscal austerity is something nobody wants, but it is a fact. Gross debt is at 89 percent and will reach 90 percent by the end of the year, said Sen. Kent Conrad (D-N.D.), a member of the commission. </TD></TR></TBODY></TABLE> <!-- END TEMPLATE: bbcode_quote -->Meanwhile from Fox News <!-- BEGIN TEMPLATE: bbcode_quote -->Quote: <TABLE cellSpacing=0 cellPadding=6 width="100%" border=0><TBODY><TR><TD class=alt2 style="BORDER-RIGHT: 1px inset; BORDER-TOP: 1px inset; BORDER-LEFT: 1px inset; BORDER-BOTTOM: 1px inset">the Democratic-led U.S. Congress is trying to find a way to pass about $300 billion more in unfunded spending before Memorial Day </TD></TR></TBODY></TABLE> <!-- END TEMPLATE: bbcode_quote -->Folks we can't hold out much longer. Better shore up your supplies.
Well if you can't fix the real problem (the usury system itself) -might as well enjoy the ride, right? Creating more debt is the only stability this system has left. Ironic, isn't it?
