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Entries by Michael Pento from 10/2008

Porky the Bailout Bill

| Posted 10.07.2008 | Business

Currently, about ten cents on every tax dollar goes to paying just the interest on the national debt. Interest on the debt alone will grow to 12.4% of our entire GDP by 2050.

The Debt vs. Interest Rate Conundrum

| Posted 10.17.2008 | Business

It now takes about 10 cents on every tax dollar collected just to pay the interest on the debt. As bad as that is, it's only because interest rates are at record lows that the debt is still manageable.

Not Another Stimulus Package!

| Posted 10.22.2008 | Business

In a very sad sense, there appears to be no true ceiling to the debt ceiling. Congress raised the debt ceiling to $10.6 trillion in July 2008 and is currently proposing an additional $700 billion.

Inflation Can't be Avoided

| Posted 10.28.2008 | Business

There can be little doubt that American consumers' balance sheets are under duress. Their $14 trillion in debt has now reached 100% of annual G.D.P., record territory and far above its multi-decade average.