Congressman Mitch McConnell recently pointed out that the United States Congress is spending money at a rate of $1 billion per hour -- all of it financed with increased debt.In this interview with Jan Helfeld, California Congressman Pete Stark argues that the more national debt we have, the wealthier we are as a country because "debt for a nation is different from debt for an individual or company." That was back when the national debt was $5 trillion. Today the national debt is $10,962,887,347,011 -- as I write this.
Thinking like Congressman's Stark is probably a big part of what got us into this mess. When Helfeld tries to get Stark to explain why the national debt is good, things go a little off-kilter and end with the good Congressman threatening to throw him out the window.
But remember: When your grandkids have to work long hours to pay the debt that we're accumulating now, remind them that it's all part of the burden of being wealthy. . . or something.
Closing Bell: Economic Catapult for Thanksgiving & Black Friday (WMT, TGT, GRMN, GOOG, MSFT)
Deere up on Q4 earnings performance
Reid Hoffman: LinkedIn will go public (at some point)
Reader Comments (Page 1 of 1)
3-12-2009 @ 3:29PM
BHarrison said...
This is exactly the type of "thinking" . . . such as with "creative accounting practices" that led to the economic collapse of our national economy.
People like this should be removed from office. This type of perception would lead to an even greater economic failure.
Congress is the WORST CULPRIT in this economic mess. Congress enabledd and allowed all of the corporate frauds to be orchestrated and perpetuated by not passing, implementing, and enforcing prudent and reasonable REGULATIONS, which would have prevented all of the corporate fruads from occurring.
The vast majority of Congress, both Republican and Democrat Congressmen, "sold out" to the special interests groups and made all of the FRAUD possible. Now they want to be the "leaders" of the recovery efforts for the economic damage that THEY caused.
3-12-2009 @ 5:32PM
Jimnadel said...
Jan conducted a great interview. He showed perfectly the kind of twisted thinking displayed by influential Members of Congress. The more debt the better? And the Congressman is questioning the bone fides of the interviewer? I don't think so!!?!!