There was a news item a few days ago that got very little attention yet was perhaps the story of 2012 less than two weeks into the new year. It should have been front page above the fold with a bold, red headline. The total debt of the United States now exceeds our Gross Domestic Product, or
“The 100% mark means that your entire debt is as big as everything you’re producing in your country.”
“Economist Mark Zandi of Moody’s Analytics says reaching the 100% mark shows ‘the grave need to address our long-term fiscal problems.”
There is going to be a lot written and spoken about the nearly 2,000 page piece of legislation that was hoisted on us yesterday. There are many experts who will evaluate this piece by piece and page by page. Some will love it most will hate it, but there will be huge push to pass this thing. I have a few thoughts as we move forward:
- First of all, kudos to Congress for actually making this available for us to read. It is also nice that the representatives have the opportunity to also read the bill before they vote on it. Even John Conyers may take the time to read this bill.