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Saturday, August 20

Whoa Dude, Have You Checked Your Credit Report Today?

Back in 2000 someone took out a credit card in YOUR name and man, do you have a problem. Here’s part of what you owe and why.

"The cost goes well beyond the more than $250 billion already spent on military operations and reconstruction. Basic running costs of the current conflicts are $6 billion a month - a figure that reflects the Pentagon's unprecedented reliance on expensive private contractors. Other factors keeping costs high include inducements for recruits and for military personnel serving second and third deployments, extra pay for reservists and members of the National Guard, as well as more than $2 billion a year in additional foreign aid to Jordan, Pakistan, Turkey and others to reward their cooperation in Iraq and Afghanistan. The bill for repairing and replacing military hardware is $20 billion a year, according to figures from the Congressional Budget Office".

by Linda Bilmes

"Linda Bilmes, an assistant secretary at the Department of Commerce from 1999 to 2001, teaches budgeting and public finance at the Kennedy School of Government at Harvard".

Ms Bilmes tells you more about the financial mess you’re in. Check it out here in the New York Times.

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