In 2001 when George W. Bush became President, the U.S. National Debt was $5.7 trillion. 8 years later when Barack Obama became President, it had skyrocketed to $10.6 trillion. Now it is $14.3 trillion and growing fast.
When the President and Congress raise the debt ceiling, it will be for the 10th time in 10 years, which is not unusual for it's been raised 74 times since 1962. But what is unusual is the explosion in the growth of the debt. This explosion is caused by a runaway military industrial complex that directly or indirectly employs millions of Americans building weapons that endanger the world and have led to endless U.S. wars and over 1,000 military bases throughout the world.
Because of all the American jobs it creates, there is no serious dialogue about ending the wars, closing the bases and cutting the military spending at least in half, which is what it will take to get expenses under control. And make no mistake, we will have higher taxes and not just on the rich to pay for all this out of control military spending and its debts we've already incurred, for all of this spending has been put on the taxpayer's credit card.
What is America's fiscal policy? Borrow until it can't borrow anymore? For 30 years, U.S. politicians have been financially reckless but now our nation so deeply in debt, that if China or other major lenders close their check books the U.S can't pay its bills! The U.S. would default and our nation would be in chaos. We are doing things to ourselves that no Osama bin Laden could ever do.
Is this leadership? Who is protecting the people? What kind of future will we and our children have when our nation is bankrupt? This is not a time to posture for the next elections, but time to tell the Americans how bad the situation really is and what you as office holders are going to do about it not over the next 10 years, but now. We are all in this mess together. If we work together, we can solve it.
Dick
2 comments:
Hi Dick. Because interest must be paid on all money created by the Fed, the only way to keep this scheme going is by having a constantly growing economy. Failing that, those at the top understand that the whole house of cards is about to collapse and we are seeing the final paroxysm of "maxing out the credit card" prior to the declaration of bankruptcy. My prediction is that the same people who have given us this Ponzi scheme will then offer us a "New World Currency" courtesy a "World Central Bank."
What is America's fiscal policy?
Good question.
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