So, it seems like the U.S. politicians have reached an agreement.
Raise the debt ceiling so the bills can be paid.
Hallelujah!
Any chance these "leaders", and I use the term very loosely, are even aware of the problem, or are they just looking to get re-elected next November?
And what about average joe/jane-six-pack?
Is this going to improve or even maintain his/her standard of living?
Well, this little excercise means that the debt over the next ten years (assuming nothing changes) will only be allowed to increase at a rate of just under 1.2 trillion $'s/year, meaning that by 2021 the U.S should have a debt no bigger than 24 trillion $'s. (interest on this debt will be close to 900 billion $'s/year, and that is only if the present interest rates don't change.)
Wow! What an accomplishment!
And by the way, the debt number only includes supposedly, actual debt, not future commitments etc.
What a mess!
Good Luck to all!
