Santa Claus, the Easter Bunny, and Federal Trust Funds

The Congress of the United States of America is consigning you, your children, and their progeny to slavery

Here's another way to put our debt into context (same source):

• $82M 1800
• $2.1B 1900
• $5.6T 2000

The national debt went up by a factor of 25+ in the 19th century and by a factor of 2,666+ in the 20th century. That means the national debt rose 106+ times faster in the 20th century than in the 19th century. I'm beginning to see a pattern here: When we go forward in time, the debt curve gets even steeper... [snip]

The word is "unsustainable."

The federal government cannot continue on its course of insane spending much longer. Soon, Congress will be forced to consider spending cuts. But what will Congress cut? We've already seen what the current regime thinks of corporate bonds (a form of debt) in its treatment of Chrysler bondholders. Contracts no longer mean what they used to. Nor does private property. Nor does the Constitution. So will Congress discriminate between foreign and domestic owners of U.S. treasuries? When commercial banks fail, will Congress allow the FDIC to renege on insured bank accounts? Or will Congress at long last make adjustments to entitlements?

Or will Congress tax the bejesus out of you? That's where that business about you being a slave comes in. Steyn again:

Joe Schmoe's credit card debt is as nothing compared to what the government's signed him up for: USA Today recently calculated that the average American household is on the hook for $546,668 in federal debt -- i.e., not including state and municipal. The Atlantic crunched the numbers further and reckoned that, to pay off the federal/personal debt over half a century at three per cent, the average household would have to write an annual cheque for $25,971.

Rather than putting the breaks on spending, Congress is hitting the accelerator with the "mother of all entitlements": government-run health care. Instead of backing away from the abyss, Congress is joining hands and jumping in.

And Congress expects us to join hands and follow them...

[It's happening right now. What are you doing about it?]

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image toon = 9T$ debt bowling ball headed for our kids