Monday, May 27, 2013

US Treasury Secretary Borrows from Peter to Pay Paul

I'm sure this is really NOTHING to worry about. 

"Treasury Secretary Jacob Lew said late Monday he will begin tapping into two government employee retirement funds to buy more time before the U.S. Treasury is faced with the prospect of defaulting on the national debt."

Hello, America?

Eventually, you cannot "borrow" anything more.

You will go over the cliff.

There is no more money on the planet left for you to borrow.

Your Secretary of the Treasury is borrowing more money to pay for more borrowing. 

We all clear on that?