Time is Running out on the U.S. Debt Problem

China recently lowered its holding of U.S. Treasury bills by 97%. Treasury bills are debt instruments that mature in 12 months or less.

Moody's said it would have to re-evaluate the U.S. credit rating of Aaa if there is no progress on reduction of the U.S. debt by Mid July, 2011.

The U.S. unemployment rate for May 2011 increased to 9.1% The Stimulus bill was supposed to lower unemployment to an 8% rate.

A word to the wise and our congress. We cannot keep delaying action on our debt problems any longer. Our past approach has been described as kicking the can down the road. We have hit a road block the size of the Great Wall of China and need to act now to reduce our debt. 40% of U.S. government spending is borrowed money. The interest on the debt is snowballing. Soon it will become an avalanche that will bury us and drastically reduce our economy and standard of living.

One last request of our congress: stop pointing the finger of blame at each other. There is enough blame for every democrat, republican, socialist, tea partier and everyone else. Be bold. Stop fixing the blame and start fixing the problem.