Montrose
Page one, New York Times, Monday, Nov. 23, 2009 warns that U.S. debt is rising so fast that we are careening toward “payment shock” soon. The following items were identified:
• Senate moves forward on radical healthcare reform with CBO estimate at nearly $1 trillion over the next year.
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• An additional $500 billion a year in interest’s payment exceeds cost of education, energy, homeland security and the wars in Iraq and Afghanistan.
• Balloon payments for short-term borrowings come due in the months ahead and interest will increase to normal levels when Federal Reserve concludes that the fiscal emergency has passed. This debt is 36 percent of overall debt compared to past average of 25 percent and more than $1.6 trillion is due by March 31.
• Medicare and Social Security payments will explode with oldest Baby Boomers approaching age 65.
The Treasury Borrowing Advisory Committee declared this month: Inflation, higher interest rate and roll over risk should be the primary concerns. Clever debt management strategy can’t completely substitute for prudent fiscal policy.
The Times warns: “There is little doubt that the U.S. long-term budget crisis is becoming too big to postpone”
We need to contact our representatives and demand that spending be stopped and that effort be made to reduce debt. The healthcare bill as usual will exceed estimated cost by a great deal and at this time cannot be afforded unless it is used for the heart attacks that are coming.
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