SHOCKING: NEW YORK TIMES WORRIED ABOUT U.S. GOVERNMENT'S "DEBT BOMB"

November 23, 2009

Shocking, but true! The ultra-liberal New York Times is concerned about the national debt and deficit spending? I can't believe my eyes! This ranks right up there with Socialist France, formerly Communist Russia, and Communist China warning our government that they're spending too much money. Has the "Old Gray Lady" awakened to the realization that money doesn't grow on trees?

Note to President Obama: When your "friend", the liberal standard bearer New York Times, says that you're spending the country into bankruptcy (see "default" as one of the possible solutions in the graphic above), then maybe you should stop the printing presses and sober-up from your drunken spending binge.

The Times, considered to have never seen a big-spending liberal politician or policy that they didn't like, published an article which gives an clear, rational, and accurate assessment of the federal government's out-of-control deficit spending, and it's dire economic consequences if not addressed soon.

The article, entitled "Wave of Debt Payments Facing U. S. Government", exposes the unfathomable amount of debt maturing, $1.9 trillion, in one year or less (see the big "bubble" in the middle graphic above), and points out the dangers that an inevitable future interest rate increase will have on that debt. The interest costs of the national debt, now over $12 trillion ($1.4 trillion this year alone), have been kept artificially low by artificially low interest rates.

With individuals and businesses both tightening their collective belts, the government is spending, printing, and borrowing money at levels not seen since World War II. As the Times article so appropriately and succinctly puts it:

The potential for rapidly escalating interest payouts is just one of the wrenching challenges facing the United States after decades of living beyond its means.

It's true that the government has been running budget deficits for sometime, however, Obama is taking it to a new level. Last year's budget deficit of $459 billion was, at the time, an all-time record. This year's was $1.4 TRILLION, or three times worse than the biggest deficit of all-time. Trillion dollar annual shortfalls, as the Times graphic visualizes, are projected for the foreseeable future, even with the Obama administrations highly optimistic assumptions. If those rosy assumptions don't materialize, then it will be even worse.

I'm encouraged by The New York Times bold article, which is part of a series aptly entitled Payback Time, The Debt Bomb. I'm sure they'll catch some grief from their liberal Democrat friends, "The Money Grows on Trees Crowd", for raining on their parade. If the Mother-of-All liberal publications, The New York Times, is honestly and directly reporting about the peril of Obama's financial train wreck, maybe there's hope that it can be stopped before it's too late.

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