If you have not already done so, you may wish to read the
Introduction to Gnomica.
Tuesday 24 July 2012
Read gnomica 1-50 here!
“Blessed are the young, for they will inherit the national debt.”
Herbert Hoover (10 Aug 1874 – 20 Oct 1964)
I guess the last few posts of gnomica have been kind of ‘heavy’.
Time for some levity, I thought!
Following up the Hoover quote just a bit and doing some surfing here and there, I ended up not at all amused. It isn’t that funny, really, when you think about it.
And just imagine what old Hoover would have thought of today’s apocalyptic financial state of affairs!
Numbers put out by the Congressional Budget Office indicate that a child born in America in 2012 will begin life being about $1.5 million in debt. No wonder that tiny bundle will wail upon emergence! It does kind of put in stark focus the ridiculousness of the reasons for whining on the part of many of today’s deeply indebted college graduates – they’re lucky!
Since Obama took office the national debt has gone from around the ten trillion (that’s 1012) left by the Bush administration to around sixteen trillion – that’s an increase of about 60%, and that’s in just under four (4) years.
Extrapolation truly frightens!
Even if numbers aren’t your strong suit, think about a percentage increase like that as follows: about four years ago your favorite candy bar cost one dollar ($1.00); today it costs one dollar sixty ($1.60) – and might even be smaller. Is that scary or what? Or, even scarier, the car you would have paid $10,000 for back in 2009 today goes for $16,000. That’s a concrete number leap you can get your head around.[These are figures calculated at a U.S. Treasury site – here.]
So, it really isn’t funny, is it? Should we cry tears of hysterical laughter or cry tears of sober sadness?