A simple accounting change in the way state and federal governments have to report debt have now pegged the United States deficit at somewhere in the vicinity of $62 TRILLION. The culprit, we are told, is the "mushrooming cost of Medicare and Social Security benefits as more baby boomers reach retirement."
That means each and every American homeowner is on the hook for $531,472 as our share of that national debt. Wow. Better think about refinancing. Again.
But there is good news. Economist Dean Baker says in that same article that all we have to do is fix healthcare and depend on our kids to generate more wealth than ever before, and all will be fine.
Ulp. I think my retirement date just wiggled another few years farther away....
Ten months ago a homeowner replaced all the windows in the family home with the very expensive double-insulated energy-efficient easy- cleaning vinyl windows sold through a telemarketer.
Last week the homeowner received a call from the local company that had installed them, explaining that the work had been done nearly a year ago, and they still had not been paid.
"You need to wait a couple more months," the homeowner explained.
"Why?" asked the caller. "What will be different in two months?"
"Now, don't think I don't remember what you told me when I bought them," said the homeowner. "Your salesman clearly said these windows would pay for themselves in a year!"
[originally seen in Net 153s Smile A Day]
WISDOM for YOUR WEEK: "I will listen to what God the Lord will say; he promises peace to his people, his saints -- but let them not return to folly." (Psalm 85:8)
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