Debt Is A Real Problem
July 28, 2016 at 4:25 p.m.
By Gary [email protected]
With the exception of maybe Ron Paul, none of them are talking about the stuff I'm worried about.
This is not to say things like Iraq and immigration aren't important.
They are.
But to me, we have much larger issues at play here and nobody seems to be talking about them.
I have this sinking feeling that our government has become so out of control that our very way of life is threatened.
Right now, our government is nine trillion dollars in debt. This is because for decades our elected officials have been spending more than they collect in tax revenue.
Anybody who has a credit card understands debt. But national debt is a different animal.
That's because foreign governments - like China and Saudi Arabia - are huge underwriters of our debt.
They are the ones we owe.
They invest in U.S. dollars, essentially propping up our debt-laden government. To me, this significantly threatens our independence.
Economically speaking, this debt problem is not a good thing - especially these days.
There was a time when dollars were a pretty good investment.
But these days, the dollar isn't looking so good. With the British pound worth a couple bucks and the euro worth a buck-and-a-half, I'm sure there are foreign government officials pulling on their chins a little bit with regard to their investments.
Of course, they can't really afford to pull the rug out from under us. They know the economic turmoil would be global if they did.
It would hurt their economies, too, so they keep plugging along.
I don't think any of us can comprehend the economic havoc that would be wreaked if, say, China decided to flip all of its dollars into euros.
Here are some interesting facts about nine trillion dollars of national debt.
n The estimated population of the United States is 303,478,854. That mean's to pay off the debt, each person - that's man, woman and child - would have to pony up $29,948.10.
n The national debt has been increasing at an average of $1.44 billion per day since September 29, 2006.
n The interest expense paid on the national debt is the third largest expense in the federal budget. Only the department of defense and entitlements through the departments of Health and Human Services, Housing and Urban Development, and Agriculture (food stamps) are higher.
n Interest payments against the national debt - just interest, no principal - in fiscal 2007 topped $429 billion.
n Interest on the debt in the first month of fiscal 2008 (October) was more than $22 billion.
But despite the potential for financial disaster wrought by the enormity of the U.S. debt, what are our presidential candidates up to?
They're stumbling over each other trying to come up with the best new plan to give us all free health care or free this, or free that or free whatever it takes to get us to vote for them.
Or trying to convince us they will be the one to get the troops out of Iraq.
What is Congress up to?
Debating about workplace protection based on sexual orientation and ratcheting up a children's health program.
Again, this is not to say these things aren't important.
But why do politicians continually ignore the 800-pound gorilla in the room?
I think the fiscal mess our politicians have put us in threatens our life and liberty far more than terrorists.
Here's a novel thought:
"The budget should be balanced; the treasury should be refilled; public debt should be reduced; and the arrogance of public officials should be controlled."
Who do you suppose said that? A U.S. Representative, a U.S. Senator, a president, a candidate?
No.
It was Marcus Tullius Cicero. Mostly, he's just known as Cicero.
You may have heard of him.
He was one of Rome's greatest speakers as well as a statesman, lawyer, political theorist and philosopher.
He lived from 106-43 B.C.
He's pretty highly regarded in intellectual circles today.
How odd that a guy from 2,100 years ago had that much insight and today's crop of politicians simply don't get it.
It's no wonder Congress' approval rating is at a record low.[[In-content Ad]]
With the exception of maybe Ron Paul, none of them are talking about the stuff I'm worried about.
This is not to say things like Iraq and immigration aren't important.
They are.
But to me, we have much larger issues at play here and nobody seems to be talking about them.
I have this sinking feeling that our government has become so out of control that our very way of life is threatened.
Right now, our government is nine trillion dollars in debt. This is because for decades our elected officials have been spending more than they collect in tax revenue.
Anybody who has a credit card understands debt. But national debt is a different animal.
That's because foreign governments - like China and Saudi Arabia - are huge underwriters of our debt.
They are the ones we owe.
They invest in U.S. dollars, essentially propping up our debt-laden government. To me, this significantly threatens our independence.
Economically speaking, this debt problem is not a good thing - especially these days.
There was a time when dollars were a pretty good investment.
But these days, the dollar isn't looking so good. With the British pound worth a couple bucks and the euro worth a buck-and-a-half, I'm sure there are foreign government officials pulling on their chins a little bit with regard to their investments.
Of course, they can't really afford to pull the rug out from under us. They know the economic turmoil would be global if they did.
It would hurt their economies, too, so they keep plugging along.
I don't think any of us can comprehend the economic havoc that would be wreaked if, say, China decided to flip all of its dollars into euros.
Here are some interesting facts about nine trillion dollars of national debt.
n The estimated population of the United States is 303,478,854. That mean's to pay off the debt, each person - that's man, woman and child - would have to pony up $29,948.10.
n The national debt has been increasing at an average of $1.44 billion per day since September 29, 2006.
n The interest expense paid on the national debt is the third largest expense in the federal budget. Only the department of defense and entitlements through the departments of Health and Human Services, Housing and Urban Development, and Agriculture (food stamps) are higher.
n Interest payments against the national debt - just interest, no principal - in fiscal 2007 topped $429 billion.
n Interest on the debt in the first month of fiscal 2008 (October) was more than $22 billion.
But despite the potential for financial disaster wrought by the enormity of the U.S. debt, what are our presidential candidates up to?
They're stumbling over each other trying to come up with the best new plan to give us all free health care or free this, or free that or free whatever it takes to get us to vote for them.
Or trying to convince us they will be the one to get the troops out of Iraq.
What is Congress up to?
Debating about workplace protection based on sexual orientation and ratcheting up a children's health program.
Again, this is not to say these things aren't important.
But why do politicians continually ignore the 800-pound gorilla in the room?
I think the fiscal mess our politicians have put us in threatens our life and liberty far more than terrorists.
Here's a novel thought:
"The budget should be balanced; the treasury should be refilled; public debt should be reduced; and the arrogance of public officials should be controlled."
Who do you suppose said that? A U.S. Representative, a U.S. Senator, a president, a candidate?
No.
It was Marcus Tullius Cicero. Mostly, he's just known as Cicero.
You may have heard of him.
He was one of Rome's greatest speakers as well as a statesman, lawyer, political theorist and philosopher.
He lived from 106-43 B.C.
He's pretty highly regarded in intellectual circles today.
How odd that a guy from 2,100 years ago had that much insight and today's crop of politicians simply don't get it.
It's no wonder Congress' approval rating is at a record low.[[In-content Ad]]
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