April 3, 2013
Owen's Already Owin'
My niece just had her second child, a beautiful bundle of smiles and soft blond hair, Owen. My wife and I were, of course, elated, at the new arrival. Yet I harbored a deep, unspoken concern that this country has already set substantial obstacles in front of this innocent boy. The CBO's February 5th report, "The Budget and Economic Outlook: Fiscal Years 2013 to 2023" estimates that today's Federal debt of $16.8 trillion will increase to $26.1 trillion by 2023, just 10 years from now. How does that breakdown in easily digestible terms? That's an increase of $9.3 trillion in 10 years. This works out to a chest clutching $77.5 billion in Federal debt every month or $2.55 billion in additional debt each day for the next 3,650 days. What could you purchase for $2.55 billion? How about ten Boeing 787 Dreamliners or the New York Yankees, plus four hundred shiny red Ferraris? Owen's share of this debt is currently $53,674. By 2023, and his 10th birthday, that will...(Read Full Post)