Look back to your childhood and remember the old story of the little boy who cried wolf. If you remember, it is about a boy who sounded the alarm about a wolf attack twice, although there was no wolf. And on the third time when the wolf really did come no one came to the little boy’s aide and he was eaten.
Over the past ten to fifteen years many noted economist have predicted that the national debt would eventually bankrupt the United States of America. Their opposition rebukes those cries with the statement that “the US will ‘grow’ itself out of debt.” Since 1940 the national debt has grown from 50 billion dollars to 7.9 trillion dollars at the end of 2005. By 2011 the debt is estimated to be around 11.5 trillion dollars (SOURCE)(Internet based debt tracker).
To date, and to the uninformed and unconcerned, it looks like the little boy is crying wolf here. But only an blithering idiot incapable of rational thought would think that continually increasing the national debt is good for the United States of America. As we increase the amount of the national debt we pay a greater and greater portion of the Gross Domestic Product to servicing the interest on the national debt, which is a very bad thing.
Eventually, the debt will grow so high that the taxes collected simply will not be able to provide all the revenue to support the budget. Eventually the United States of America will fail to be solvent.
I’m just a Information Technology worker in a fortune 500 company. If you do not believe my prediction maybe you will believe what David Walker, Comptroller General of the General Accounting Office has to say. In this sixty minutes video he predicts the problem will only get worse and if not fixed the United States will eventually go bankrupt.
The first item of A 21st Century Contract With America is as follows:
I, _________________ (insert politicians name) promise to work relentlessly to pass 1) a balance budget amendment for the Federal Government and 2) a bill that will ensure the pay down of the national debt withing twenty years of the enactment of such a law.
If I can not bring forth such legislation within two years of my first day of office, I agree to resign my political office immediately at the end of the two years.
|National Debt Clock|
var zFontColor = “#CF1919”; // Debt Value Color
var zFontSize = 14;// Debt Font Size