U.S. Debt Shock

Even the very liberal New York Times is realizing that if the U.S. doesn't change course quickly, it will be overcome by debt shock.

"Even as Treasury officials are racing to lock in today's low rates by exchanging short-term borrowings for long-term bonds, the government faces a payment shock similar to those that sent legions of overstretched homeowners into default on their mortgages," The Times reported on Monday.

Interestingly, the alarming Times analysis comes as the nation is in the midst of a debate over healthcare reform proposals that could add many billions of dollars to the overall debt.

Record deficits have arrived just as payments for Medicare and Social Security benefits are set to explode, with the oldest Baby Boomers approaching age 65. This will result in what experts have long warned will be a "fiscal nightmare" for the government, the Times article notes.

Read report here; http://moneynews.newsmax.com/headlines/nyt_us_debt_shock/2009/11/23/289782.html?s=al&promo_code=91C9-1

It makes one wonder....what does a fiscal nightmare really look like?

Certainly, the god of Mammon that we have been worshiping for the past generation is being torn down as God continues to lead His people back to the One True God.

"The fear of the Lord is the beginning of wisdom", says God.