Saturday, May 24, 2008

DEBT!!!

This is from yesterday's (5/23/08) Information Clearing House newsletter ... great quotes ... especially the quote from Frank Zappa:

"The level of U.S. household debt has risen consistently over the course of the century, climbing from just 33.2 percent of disposable income in 1949 to 102.2 percent in 2000, and to 131.8 percent in 2005, making it the highest ever measured in our national history." - Nan Mooney, from her book "(Not) Keeping Up with Our Parents," in Utne Reader, 5-6/08, p. 40.

= "Blessed are the young, for they shall inherit the national debt" - Herbert Hoover

="It would be easier to pay off the national debt overnight than to neutralize the long-range effects of our national stupidity" - Frank Zappa

=

"When President Bush took office, he inherited a budget in surplus, by $236 billion in fiscal year 2000. In his first budget message, the President proclaimed that his budget would retire nearly '$1 trillion in debt over the next four years,' an accomplishment he touted as 'the largest debt reduction ever achieved by any nation at any time.' But by the year 2004, the surplus was gone, replaced by a deficit of $413 billion-in nominal terms the largest deficit in American history. And here we are today, in the Administration's final year. Instead of retiring $1 trillion in debt, the Administration's policies will increase the debt by $4 trillion by the time the President steps down. http://budget.house.gov/PRArticle.aspx?NewsID=1553

0 Comments:

Post a Comment

Links to this post:

Create a Link

<< Home