St Louis Mortgage: Washington Drowning In Rising Debt
There are those in this country who are extremely tired of the old rhetoric and have now justifiably consumed themselves with the proverbial bottom-line.
The ultimate blame for this bad economy and rising national debt and whether it lies with the Republican or Democrat party is no longer the main concern with the American people.
To go one step further, there are those including one man who is deeply concerned that Washington\’s spending with hopes of collecting tomorrow is way out of hand.
Bill Gross, a founder of the investment giant Pimco, describes this dying economy closely to a Ponzi scheme even in a subtle way.
His concerns has surmounted to the point that he has vocally made it clear that he has sold some of his U.S. government bond and bought foreign bonds all because of Washington\’s national debt rising at unbelievable rates.
Gross made the fact known that when it comes time to pay this exorbitant interest and principal, they will have to no doubt borrow more money which in turn adds to this debt thus making it appear to have elements of a Ponzi scheme.
Looking at this nation\’s fiscal health, the national debt which now totals 9,377,204,236,563.68 as of January 13, 2011, is rapidly becoming a dominant political issue in Washington as well as across the country, and certainly not just among the \”tea party\” crowd.
But that amount is just the public debt this nation owes. When you add in the Intragovernmental Holdings which currently totals $4,630,012,738,813.91, the accumulative amount comes to $14,007,216,975,377.59 as in fourteen trillion dollars.
The Obama administration is obviously feeling the pressure. So-much-so that he will open the much needed session of a high-level bipartisan commission that will look for realistic ways to reduce deficits and put the country on a sustainable fiscal path.
Most would not want to be in the President\’s shoes. Especially when you consider the short term looks bad, but the long term looks hideous. Most St Louis loan experts say the total debt may surpass $20 trillion dollars over the next few years.
And this assumes that there are no new recession-type blips, no new wars or military actions and no new financial crises on the horizon.
And it is quite apparent how nervous the rest of the world is by their lending money at higher interest rates when bankrolling America\’s tremendous debt as most experts would agree.
In turn, the United States government will have to borrow more money in order to pay off the interest due on this huge loans from foreign countries.
Although some feel this may send this nation into a downward spiral as regards our already sinking economy, others feel this problem can and will be fixed thus nixing the Ponzi type comparison and eventuality.
But we all know that when a Ponzi scheme collapses, it does so because there are no \’new suckers\’ offering money that can be used to pay off earlier investors.
And if politicians get together and move forward with much needed solutions, many feel some type of fiscal sanity might be in place.
But ironically, this is the cynicism that is shared by Bill Gross and millions of concerned consumers that being: In addition to running a budget deficit, Washington has had an equal massive deficit of political goodwill. Perhaps the tide will change.
If you and your family want the best St Louis mortgage, then visit www.LibertyLendingConsultants.com/St_Louis_Home_Mortgage to get the best St Louis commercial lending or principal reduction advice on St Louis mortgages for your home or business. Give Floyd a call at 314-334-0210.
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