Reader Opinion: Paying our bills
At the end of this year the national debt is estimated to be $20 trillion and change. That's the money our federal government owes its citizens and anybody else that bought bonds or borrowed us money. It is a debt that for all practical purposes ...
At the end of this year the national debt is estimated to be $20 trillion and change.
That's the money our federal government owes its citizens and anybody else that bought bonds or borrowed us money. It is a debt that for all practical purposes we are unable to pay back and the interest consumes about a quarter of every dollar the government receives to run this country. A rise of a couple of points in the interest rate could be big trouble. It is a debt we have saddled our children and grandchildren with, because we weren't able to live within our means. An interesting point is, the money that was spent in Iraq and Afghanistan, on failed war efforts, could have run this country for a whole year.
The president has talked about spending $6 trillion more on some of his favorite projects. Now I know, we wanted a businessman in office and not another politician.
Someone to run this country like a business. But the businessman we got became rich by not paying for things, like taxes and his bills. The federal government cannot, like him, declare bankruptcy; even though the way we are going, we may go bankrupt. No one talks about the national debt anymore, and most likely because there isn't much they can do about it anymore, anyway. Simpson Bowles tried and Washington turned their back on them.
The Republican Party for years touted itself as being about fiscal responsibility.
Smaller government, and less entitlement programs. Seemingly that is all out the window. What I have heard so far from Washington only exasperates the problem.
Let's hope that we get a handle on money spending before long or we're going to be in big trouble.