There has been a string of good news lately. The impasse over the debt ceiling, while it won't last, has forced the government to slow down spending. The Royal Wedding of Will and Kate was a fantastic event. And the killing of Osama Bin Laden gave an enormous boost to US morale.
Much as 9/11 marked the real start of Millenial decade, the dual Royal Wedding and the demise of UBL marked the real start of the Teens.
I'm feeling so positive, I am almost tempted to shut down this blog and say that it was much ado about nothing.
However, before I do that, here is what I want to see: an average annual rate of increase in the national debt of less than 7%. If that were to happen, then it would take more than 10 years to double it. And it may even be manageable indefinitely at that rate.
So where are we today? As of 4/29/11, the total debt was 14.288 trillion. One year prior, on 4/29/10, it was at 12.853 trillion. The increase was only ... 11.2%. So we are not quite there yet. But it does look like the debt on 9/30/11 will be far below the 15.16 trillion I last projected.
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