Video: America's Debt Disaster
The United States of America is almost $12 trillion in debt, and much of that money is owed to foreign nations like China, Russia, and Saudi Arabia. And in the next decade our debt is set to  double, to a massive $24 trillion in 2019.
Like teenagers with their first credit cards, Congress and the White House are burning through money with absolutely no thought for the consequences - but the bill for this spending spree is going to come due, soon.
America's debt crisis is not a hazy menace in the distance. The national debt costs taxpayers $500 million in interest payments every day. That's half a billion dollars up in smoke -- yesterday, today, tomorrow, and the next day. And where does that money go? Much of it is shipped to foreign investors, including China's central bank. Experts say we owe China about $800 billion, but no one knows for sure. The Communist Party buys Treasury securities through anonymous middlemen, and refuses to divulge the full extent of its loans, calling them a "state secret."
That is worth repeating: We don't know how much money we owe to China, because they won't tell us.
Not only are we paying these foreign creditors a fortune in interest, we constantly depend on them to lend us more, and more, and more. And if they decide to ask for a higher interest rate, we will have no choice but to pay it.
This problem is huge, but we have ignored it for too long. Part of the reason is that these numbers are just plain hard to understand. Most Americans have a sense of how much a million is, and maybe even a billion. But a trillion?
To put it in perspective, consider this: a million seconds is about 12 days. A billion seconds is 31 years. And a trillion seconds? 31,000 years. { Look at the debt numbers at the top of this blog. (http://harrolds.blogspot.com) The total debt is passing $71,000,000,000,000.00 !!! }
And our debt isn't just a trillion dollars... we already owe $11.8 trillion, and by 2019 we'll owe $24 trillion. President Obama's proposed budget for 2019 includes more money for interest payments than for national defense.
DefeatTheDebt.com is raising the alarm.
If we continue with "business as usual," America is headed for economic disaster. We have launched a campaign to educate the country and our politicians, but we need your help! (Click here to see our ads).
Thanks to our original sponsors, all of your donations will go directly towards education and advocacy, with zero overhead. A $10 donation can help us reach 100 people... a $1,000 can reach 100,000 people! Please forward this message to your family, friends, coworkers, and anyone concerned about America's future security. Help us today, because the debt crisis is happening now. Click here to make a donation. Townhall.com: Townhall Spotlight, 1901 N. Moore St - Suite 701, Arlington, VA 22209 You can get your own free subscription by clicking here. � Copyright 2006 Townhall.com, Salem Communications and its Content Providers. All rights reserved. |
Harrolds.Blogspot.com
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