Everyone has been hearing about our national debt. I took econ in high school and college and my high school teacher talked about it almost daily. In this article, it says that we are going in debt at a rate of about $1,000,000 a minute! Stop for a second, and think about that. RIGHT NOW the numbers are skyrocketing. This is becoming asuch a huge issue, that mainly young people like me are concerned about. We are the ones who are going to have to deal with this. When I went to Salt Lake city to see Ron Paul, I didn’t know much about him. But when I sat down on the floor and listened to him, I knew what he was saying was true. He talked about how we are spending way to much time and money overseas, on things we have no need to be involved in. We could be saving approximately 1 TRILLION dollars a year if we bring everyone home. He has a plan and he is sticking to it.
The national debt — the total accumulation of annual budget deficits — is up from $5.7 trillion when President Bush took office in January 2001 and it will top $10 trillion sometime right before or right after he leaves in January 2009.That’s $10,000,000,000,000.00, or one digit more than an odometer-style “national debt clock” near New York’s Times Square can handle. When the privately owned automated clock was activated in 1989, the national debt was $2.7 trillion.
I hope this makes you sit and think about how big of a hole we are in. And day by day, minute by minute, we dig it deeper and deeper. What will you do about it?
This entry was posted on Thursday, December 6th, 2007 at 3:52 pm and is filed under politics, Rants. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.
JUST INCREASE TAXES and stop selling T-Bills. If we want to fight a war on terror, then we need to sacrifice a little of our money like all the generations before us did. look at the debt between 1998 to 2004. It was decreasing. Why? Because we increased taxes, and we were fine.
I don’t know about you but I DON’T want to be in Iraq anymore. We went in for the wrong reasons and we are getting NOWHERE. Why in the world would you want an increase in taxes? That doesn’t make sense…
I need to lecture you in Econ again i guess. haha remind me to tell you in hepe
You can’t talk about taxes without addressing the issue of the inflation tax: the Fed’s ability to create money out of thin air. This is far worse of a tax than any “normal” tax pushed by government, and is the very essence of what is amplifying our debt. The amount of interest we pay on the debt continues to soar. Who do we pay that debt to? To the Fed - the bankers who make a living by printing new money and inflating all the money the rest of us have.
It’s useless to discuss taxes and budgets without addressing the elephant in the room that is the Federal Reserve.