Absurd Debts

Posted: June 23, 2013 in Debt
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“Americans owe more money, collectively, than ever before in our history – far, far, far more. We owe at every level: $17 trillion at the federal level; $13 trillion in mortgages; another trillion in student loans; nearly $3 trillion in state and local government debt. Put all of these numbers together and you end up with a $60 trillion pile of obligations. That’s nearly four years’ worth of our entire country’s total production….  We have collectively become addicted to living way, way beyond our means.  My favorite example about how absurd our debts have become? The state of New Jersey still owes $110 million for a football stadium (Giants Stadium) that was demolished in 2010. It won’t retire this debt until 2025….  Keeping this lie alive… the lie that we can afford our debts (or even our defunct stadiums)… has become the most important national goal.”  -S & A Digest   June 15, 2013

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