The national debt rests at nearly $5 trillion.... an immense total beyond the comprehension of this humble observer. And it will only increase in the near future because we won’t be raising taxes or making a serious effort to reduce spending.The national debt was going to go up, but its tripling in five years and the very possible loss of the U.S. Government's AAA rating was beyond the imagination of your humble observer. While I certainly hope the rating downgrade does not occur---from a selfish viewpoint a rise in the Treasury rate will cause prices of all other financial assets (like those in my retirement fund) to decline--at least my modest investment in Treasuries will start looking better. The interest on the $30,000 3-month bill that matures next week won't even pay for a latte at the neighborhood coffee shop.
Maybe next time I'll be able to afford a scone.
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