Can you imagine putting $2.9 trillion on your credit card? Well that is exactly what the U.S. Government has done since 2001 when President George Bush took office. Since that time Congress has raised the statutory federal debt limit four times and last week the U.S. Senate Finance Committee approved legislation to raise it yet again. The total limit will now stand at a mind boggling $9.815 trillion. The next time you wonder why the dollar continues to lose value, why the U.S. Federal Reserve Bank is reluctant to lower interest rates, why credit markets continue to tighten I hope you will remember the role that current administration federal fiscal policy – cutting taxes without cutting spending – has and continues to play in producing this fiscal mess. Citizens for Tax Justice has released a paper on this sobering subject.

Oh and by the way that $2.9 trillion dollars is on all of our credit cards, as well as those of future generations, for many, many years to come.