WASHINGTON (AP) -- On a single day filled with staggering sums, the Obama administration, Federal Reserve and Senate attacked the deepening economic crisis Tuesday with actions that could throw as much as $3 trillion more in government and private funds into the fight against frozen credit markets and rising joblessness.
In response to all of the this, the Dow Jones Industrials dropped 382 points. OUCH! With more and more money being thrown at the problem, it doesn't look good for future generations. There will be a mountain of debt to deal with and another major problem for the government to deal with as well.
You ask, "Jesse, what is the next problem?" If you add this much debt to our already soaring national debt, there goes any hope for a balanced budget without cutting more and more programs or raising taxes to keep everything working. Think about it. Between payments on the national debt and federal spending, we will probably never see another tax break. Our hopes for no new taxes will also die.
To paraphrase Bette Davis from the movie, "All about Eve", fasten your seat belts. It's going to be a long, bumpy ride.
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