Saturday, April 25, 2009

Happy Debt Day!

"The symbolic "holiday," which falls on Sunday, marks the point in the fiscal year when government spending exceeds revenue.

In other words, the government will stop making money and start borrowing on Sunday.

And it's coming earlier than ever, according to House Minority Leader John Boehner, who's pointing to Debt Day as yet another symptom of a government he says is spending too much, borrowing too much and taxing too much. Last year's Debt Day fell more than three months later, on Aug. 5.

"All the revenue for this fiscal year will be spent as of Sunday," Boehner, R-Ohio, said. With the fiscal year ending Sept. 30, he said, "everything that happens after Sunday through ... the balance of this fiscal year is going to have to be borrowed from our kids and grandkids." [link]

Isn't it nice to know that because of an out of control government every child that will born from this point forward will be "indebted" to the tune of between $30-$50K (dependent upon sources). Stop and think about that for just a moment. Each and every child born, in order to payoff government debt effectively is born owing the U.S. Government $30-$50K dollars. Good thing we live in the land of the free isn't it?