AMERICA CHEATING ITS CHILDREN
By Frosty Wooldridge
June 28, 2010
The American Federal debt exceeds $12 trillion. It’s SO out of control, it’s like a cancer that has metastasized to every corner of our pocket books. Each day we work at our jobs, our taxes pay over $600 million on interest to the Federal debt. In other words, we pay the rich to get richer and we become poorer. Much worse, we write checks that our children won’t be able to cash. We create a whirlwind of consequences for our country.
This year Obama and Congress passed another billion dollar package for Iraq and Afghanistan, but it’s not money in our bank, it’s money we borrowed. How does it serve us or our citizens when our leaders force us into bankruptcy?
Far worse than that financial crisis, our consumer debt exceeds $2 trillion and the average credit card carries an $9,644.00 balance according to NBC Nightly News. But it doesn’t stop there. Foreign investors lend us $1.6 billion daily to float the American economy.
In a recent column, former Colorado Governor Richard D. Lamm wrote, “We have lived in the most prosperous times in human history, yet we are leaving our children with a staggering federal debt. We were the largest creditor nation, but we leave our children the world’s largest debtor nation.”
In the last 50 years, America manufactured everything needed in the world. Today, the last four presidents outsourced, offshored and insourced jobs and factories to all parts of the world. American corporations owing their foundations and power to American citizens—callously and greedily—moved their operations to Third World countries. We no longer sell goods to the world. We’re spending ourselves into enormous liabilities. Instead, we suffer 20 million unemployed, 35 million subsisting on food stamps and a $700 billion annual trade deficit.