America's Budget Crisis -- The Direct Impact on Every Person Alive in the U.S.
The single greatest threat facing the United States right now is our growing national debt and Washington's insatiable desire to spend ever-increasing amounts of borrowed money. The spending going on in Washington is increasing at an unsustainable pace, and it will ruin our country for future generations if it is not restrained.
Our country -- that means you and I -- is on the hook for $56.5 trillion in debt and unfunded promises. This translates to $184,000 for every man, woman, and child alive today in America. That would be bad enough but unfortunately, our government continues to overspend by roughly $3 trillion each year -- or $340 million per hour.
If our government continues at this pace, in 12 years interest payments on the national debt will be the largest line item in the federal budget--yes, more than our national defense, more than Social Security, more than Medicare!
Alarmingly, this assumes interest rates will remain low, which few economists (outside of those working for the White House) predict is realistic. It also does not take into consideration debt that will be accumulated as a result of the new healthcare entitlement.
If businesses in America spent money the way the federal government does, they would be in bankruptcy. If people ran their personal finances the way Congress does, they would be in jail.
When is this reckless spending going to stop? It will stop when we unite to send citizen legislators to Congress who will not cave to the Washington-loving professional politicians.
There are three critical steps necessary to avert serious injury to our country and her citizens. First we must stop making the problem worse. If it were a hole, and it is in many ways, then we must stop digging. It is imperative that we elect true leaders who will swear to fight the professional political class without compromise. No more cutting political deals and buying votes in order to spend more. We must stop expanding government and we must stop now. Period.
Second, our leaders must set up a system that prevents us from falling back into the hole once we begin to climb out, which been a major failure of politicians in the past. This point, especially, must not be compromised because politicians have proven time and again that they will return to their overspending ways once the public's anger has diminished. This time must be different. This time the structural changes must be permanent.
To be permanent, I believe many of these changes will have to be included into our Constitution. While I am a Constitutional purest, it is self evident that professional politicians have distorted its meaning over time, which has led to the fiscal crisis at hand. Let me be clear, BOTH parties are guilty. That's why it must be a meaningful structural change that is permanent.
The final step in the process is to start the slow climb out of the hole. It will require discipline and it must be gradual. We obviously cannot afford to pay off $56 trillion in a few years. It will take shared pain all Americans must unite and join the effort but they will only be willing to do so if we follow these steps sequentially. In other words, we can not ask for shared sacrifice if we do not first make structural changes that guarantee long-term success. Every dollar the Federal Government spends is a choice, and we need to set our priorities and invest our limited resources to maximize the benefit to the American people. We simply cannot and should not continue borrowing money at the expense of our children and grandchildren.