Drowning In Debt

Monday, March 21, 2011
By Paul Martin


An ancient proverb that is oft-repeated even in our time is that you will always end up reaping what you sow. Well, the U.S. government has been sowing seeds of debt for decades and our politicians have endlessly attempted to assure us that everything is going to be just fine. Well, everything is not going to be just fine. The truth is that the U.S. government is literally drowning in debt. Right now, the total debt of the U.S. government is $14,223,730,274,180.80. It is a debt that is so large that it defies comprehension. It is also a debt that is absolutely impossible to pay off under our current financial system. Someday the weight of this debt will completely collapse our entire economy. The only thing that is keeping that from happening already is our ability to borrow even more money.

For the moment, the U.S. government is still able to borrow gigantic sums of money at extremely low interest rates. That makes it possible for us to be able to rack up amazingly large budget deficits. For example, the Obama administration is projecting that the federal budget deficit for this fiscal year will be an all-time record 1.65 trillion dollars.

All of this borrowing is enabling the U.S. economy to maintain a false level of prosperity at least for now. But we are working with borrowed time. The U.S. government will borrow about 43 percent of what it spends this year. That cannot continue indefinitely.

A small minority of our politicians in Washington D.C. want to get this debt under control, but the truth is that it would not be easy to do even if there was the political will in Washington D.C. to do it. If we wanted to balance the federal budget today we would have to eliminate 43 percent of federal spending.

Doing that would absolutely collapse not only the U.S. economy, but the entire global economy as well.

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