Updated and Bumped: audio added:
==============================================
Was on with Jeff Chidester and his sidekick Justin McIsaac from 6 – 6:30 this morning (and will be again tomorrow morning) and we talked about the NH House passing SB 2 as elected politicians have lost the trust of the voters to do the right things in terms of spending. We also talked about OUR national debt and annual deficits, and how a few percentage points difference in the rates the US pays on our financial obligations would absolutely put a stop to social spending.
I mentioned that Portugal, as one of the PIGS (Portugal, Italy, Greece, and Spain; the clump of Euro countries all in dire straits), is already showing what will happen to us if our politicians do not clamp down on the spending fiasco coming out of DC:
Our debt payment would easily go from number four on the list of largest US payment items (exceeded right now only by Social Security, Medicare, and Dod) to number two or first if the bond markets found that we, as a nation, just weren’t sufficiently trustworthy and presented a risk of default. As I said on the show, look what has happened to the price of money to Portugal:
Very steep, and very quickly. This, in financial terms, is a "cliff". Fear it.
Yes folks, if the chuckleheads in DC do not finally look disaster in the eye and make the hard decisions we sent them to do (and to which they have thus far punted on), this will be us. And while this is seen as a Conservative issue, this ought to be a Liberal concern as well, for if all the money is going to service the debt (because of your wastrel spending in the first place), you are going to have to wave your New Deal / Greatest Society dreams of the biggest welfare state in history goodbye.
Links on stories that we did NOT get to after the jump:
Read more