I normally never listen to Faux News (uhhh I mean Fox News), but Elizabeth MacDonald wrote an article today on Fox Business about the financial crisis and I thought I’d pull out a few facts for you.

“The $406b we pay annually in interest on the $9t in federal debt alone would rank as the world’s 30^th biggest economy.

That annual interest cost surpasses the gross domestic product of Belgium, and is bigger than the GDP of Denmark and Hungary combined. The $406b would cover the annual cost of investigating Medicare fraud.

Stack all those one dollar bills making up our $9t deficit (and that doesn’t include the $60t in unfunded liabilities for Medicare and Social Security) and you would reach the moon and back. “Printing money cannot create wealth, if it could counterfeiting would be legal,” economist Brian Wesbury has said.”

That is a lot of money we owe and we keep ADDING $400-500 Billion to our debt each year. For normal people, eventually credit card companies stop giving you credit. When other countries stop lending the U.S. money and the Fed can no longer just print more because the dollar is already worthless, then what do you think will happen?

Better hold onto your hats and glasses, we are in for a bumpy ride.

The entire article is actually pretty good. You can read the whole article here.

By the way, to give you some perspective on how much money we pay just in INTEREST on our debt each year and how much our National debt is, take a look at what the equivalent stacked money would be in one dollar bills. The bottom graphic would have be multiplied about 29-30 times to get our National Debt.