America’s debt disaster is a five-alarm fire — and there’s only one fix |
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America’s debt disaster is a five-alarm fire — and there’s only one fix
Last week’s grim news about America’s publicly traded debt should be a blaring emergency siren — and a wake-up call.
Data from the Bureau of Economic Analysis shows the debt, at $31.27 trillion, is now higher than the entire nation’s gross domestic product of $31.22 trillion.
That’s a 100.2% debt-to-GDP ratio.
The annual interest expense for carrying this debt exceeds $1 trillion — that’s $1,000,000,000,000, with 12 zeroes.
What a legacy to leave for our children and grandchildren.
How did we fall into this deep hole?
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Start with the reality that the federal budgeting process is a farce and an abomination.
No rules, restraints or restrictions keep Congress from spending willy-nilly on everything from food stamps to day-care centers to health insurance to farm subsidies.
And both parties are in on the game: Republicans call themselves fiscal conservatives, but the results don’t support that label.
Republicans control the presidency, the House and the Senate — and they’re spending at record levels.
Sorry, can’t blame that on the Democrats.
But the Democrats aren’t helping matters; their only solution is to soak the rich.
Good luck with........