Nine trillion dollars in debt
According to this article, the national debt has reached $9 trillion dollars. Trillion, with a "T".
They note that it took from George Washington to Ronald Reagan to reach the first trillion in debt; the next $8 trillion has all been added on in the last 20 or so years.
While this debt was incurred at the federal level, and the feds supply less than 10% of education spending to K-12 education, there are still implications. Unless we start to see some fiscal discipline, I'm not worried about the feds cutting their contributions; however, this level of debt is weighing more and more on the value of the dollar, with even supermodels refusing to get paid in US currency.
A weak dollar has lots of implications, not many of which are good for the economy, which in turn hurts funding at all levels of government.
They note that it took from George Washington to Ronald Reagan to reach the first trillion in debt; the next $8 trillion has all been added on in the last 20 or so years.
While this debt was incurred at the federal level, and the feds supply less than 10% of education spending to K-12 education, there are still implications. Unless we start to see some fiscal discipline, I'm not worried about the feds cutting their contributions; however, this level of debt is weighing more and more on the value of the dollar, with even supermodels refusing to get paid in US currency.
A weak dollar has lots of implications, not many of which are good for the economy, which in turn hurts funding at all levels of government.
posted by Brett Pawlowski at
5:13 PM
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