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Financial Planning > College Planning > Student Loan Debt

Drowning in debt

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What’s a trillion dollars here or there? We know you’ve heard it elsewhere, but this is the “trend of the week” after all, and we don’t think we’re going to find one bigger than this. The White House announced it estimates an additional $2 trillion in debt over the next 10 years. This is in addition to the $7 trillion it had already forecasted, in addition to the record debt we already have. That’s a lot of addition, and the results ain’t pretty. Maybe we’ve become so desensitized to government spending, the impact is truly lost on most Americans. Or maybe it isn’t, and the protesters at town hall meetings might, just might, be on to something. From the Wall Street Journal:

“Plunging tax receipts, soaring spending and a sluggish recovery will push the nation’s deficits dramatically higher over the next decade, creating new complications for President Barack Obama’s domestic agenda. The deteriorating budget picture, detailed Tuesday in separate White House and congressional reports, comes just as Democrats and Republicans prepare to resume the battle over Democratic plans to spend $1 trillion overhauling the nation’s health-care system.”


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