Our current National Debt stands at $12 trillion. That is a bill of over $39,000 for every U.S. citizen, man, woman and child.
In addition to our National Debt we face $50 trillion in unfunded liabilities and entitlement programs such as Social Security and Medicare.
The national debt increases 3.8 billion dollars a day just on interest alone.
The system as we know it is unsustainable and it will collapse unless we quickly change the way we do business in Congress.
Within the last year the Federal Reserve has printed 120% more money compared to the amount of money that was in circulation 2 years ago. Contrast this to the Carter presidency when the Federal Reserve increased printed money volume by 13%. During the Carter years inflation rose 12% and interest rates rose to 20%. Economists state that it takes 2 years to start to feel the affect of inflation. Unless Congress has the courage to make radical changes quickly we are set up to see inflation and loan rates increase to unparalleled levels.
The idea of borrowing more money to pay off money that we previously borrowed is demonstrated by Bernie Madoff and his special version of unsustainability-- and why he went to jail. It is an absolutely ludicrous economic policy that we need to spend more money to save money.
Within the last year the current administration has pushed through a $787 billion-dollar stimulus plan, is contemplating another stimulus bill, passed $33 billion expansion of the S-chip program, a $410 billion omnibus appropriations spending bill, spent $80 billion in car company bailouts, has sponsored a $820 billion cap and trade bill in the House and now is on the verge of passing a $1 trillion-dollar healthcare bill. This is in addition to an already 12 trillion-dollar deficit. It is not helpful that Jim Oberstar continues to push relentlessly for his $500 billion transportation bill with money earmarked for his bike trails that we simply can not afford. We have to stop spending money we do not have. It will be the demise of our country.