National Public Radio told me this morning that the U.S. has surpassed its debt ceiling of 14.3 trillion dollars. And the most likely solution from Congress after some token bickering? Raise it. The unsustainability of that decision astounds me. It will not be long before the U.S. government will be selling public lands and national treasures to private entities as Greece is proceeding to do under pressure from lenders. (See previous two posts.)
Debt is dangerous.
I also heard on NPR this morning that student debt in the U.S. has surpassed credit card debt for the first time and will reach 1 trillion dollars this year. Again, astounding and unsustainable. As Mike Shedlock says, “What can’t be paid back won’t be.”
A degree in ethnomusicology with $98,000 (US) in loans?!?
Meanwhile at Arawa Place this week we have finished replacing our roof with no intensions of raising it anytime soon.
And, although the ceiling in our lounge sags a bit, it is now insulated. We like it that way and have no intensions of raising the ceiling either.
Peace, and pay-as-you-go, Estwing