For those of you not familiar with the “vig,” it is the interest required by a bookie, loan shark, or crime syndicate to float a loan to their “customer!” The vig is also referred to as the “juice” on the loan. And, in the old days, if you failed to pay the “vig,” the mob whacked your knees….or fed you to the sharks!
When I look at the national debt and the federal budget deficit, it seems that the morons in Washington have no concept for what the vig really means. Incredibly, they are not “gambling” with their own money, they are gambling (and borrowing with a huge vig) with OUR money! They are freely spending money that they do not have and are ignoring the consequences of their actions. So, what are the consequences?
To date, the national debt is $13,400,000,000,000 (lots of zeros) and it is expected to reach $18.4 TRILLION by 2019 according to the Congressional Budget Office (the impartial bookkeepers for the government)! Just in case you find trillions to hard to conceive, the national debt is $44,000 for each man, woman, and child in the US….and $120,000 per taxpayer! The current federal budget deficit for 2010 is over $1.3 TRILLION. Furthermore, the money spent to finance the wars in Iraq and Afghanistan and the looming losses in Freddie & Fannie are “off budget items” that, if included in the actual budget, would balloon the budget deficit even higher. As an example, the war in Afghanistan is expected to cost $171 Billion in 2010!
We need to look no farther than these figures to justify a complete turn-over in the Congress in the mid-terms in November. Of course, there are other good reasons for voting the so-called “representatives of the constituents” to the curb: unemployment of 9.5% (and underemployment of 16.5%+), immigration policy, healthcare takeover, failed stimulus, TARP, etc. Congress, as a whole (under the leadership of Pelosi & Reid, with the direction of President Obama and his far-left, progressive advisors) should be ashamed of their performance. And, that is why many of the current lawmakers will be “retired” from their cushy jobs on November 2!
Now, before the left-wing, progressives who read this blog get all bent out of shape, I openly admit that the national debt problem did not start the day Obama was sworn into office. Preceeding administrations and congresspersons also deserve to get panned for their inattention to our fiscal business. However, the problem has gotten worse, much faster, with the Dems in charge! Obama wanted to sit at the big-boy table; so it is his problem to deal with now!
Our consequences for their actions….Enormous debt that we, our children, and our grand-children will probably NEVER pay off! We are headed for bankruptcy unless a new batch of politicians take actions to reduce the federal budget and stimulate the economy. Increased tax revenue through a thriving economy is the surest way to turn the debt situation around. Otherwise the “vig” and “juice” will grow until we all have broken knees!
2010 & 2012….Without Doubt, Vote Them Out!