NY Times discovers that there is a deficit problem!

Monday, November 23, 2009

Big Hat tip to Rob Verdi at The 46

Rob Verdi at The 46 is an excellent news aggregator.  I've followed his site almost since the inception of my own blog and he has tipped me off to numerous breaking news stories, including the most recent Times article.  Rob writes:

Is Obama alone responsible for this, of course not. Has he exacerbated the problems to levels almost unbelievable, heck yeah! as for what next:

"Treasury officials now face a trifecta of headaches: a mountain of new debt, a balloon of short-term borrowings that come due in the months ahead, and interest rates that are sure to climb back to normal as soon as the Federal Reserve decides that the emergency has passed.

Even as Treasury officials are racing to lock in today's low rates by exchanging short-term borrowings for long-term bonds, the government faces a payment shock similar to those that sent legions of overstretched homeowners into default on their mortgages.

With the national debt now topping $12 trillion, the White House estimates that the government's tab for servicing the debt will exceed $700 billion a year in 2019, up from $202 billion this year, even if annual budget deficits shrink drastically. Other forecasters say the figure could be much higher."  Read more at The 46

Please remember to add Rob's site to your list of pages for research.  I promise you won't be disappointed.

6 comments

This reminds me of Chris Matthews admitting that Obama is similiar to Carter...it just takes a long time for the press to become privy of what we have been saying for 10 months now.

November 23, 2009 at 1:48 PM
Fuzzy Slippers said...

You post title made me almost snort coffee on my keyboard! Heh. Yeah, the lower BO's ratings go, the more amazing will be their ability to see who and what he is.

November 23, 2009 at 2:45 PM

It's kind of like when Obama finally realized the deficit is out of control last week when he finally commented on it. They catch on fast don't they?

-amy-

November 23, 2009 at 3:50 PM

could that rag be anymore pathetic!

November 23, 2009 at 9:21 PM

LCR - I wouldn't count on it sticking.

Fuzzy and Right - I'm featuring your blogs on my hot blogs list this week! Keep up the great posts :)

Fuzzy - You ought to know not to drink when reading my blog

Right - No, I'm not sure they ever really catch on

WHT - we are about to find out

November 23, 2009 at 9:33 PM
CJ said...

I am surprised rates are still low after all this borrowing. If we manage to come close to balancing the budget once this recession is over without a spike in inflation or long-term interest rates, Obama and the Democrats will look like geniuses to me. I thought we'd see inflation by now. So far I've been totally wrong. If the gov't pulls this off, easing the economic cycle in textbook Keynesian fashion, I'll be amazed. You'll have to do a post about how the Democrats were right.

November 24, 2009 at 9:54 PM

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