US Debt As Big As the Economy Now

After the promises we heard from the Republican candidates for Congress and Senate in 2010 about balanced budget and spending cuts, we had betrayal. The same candidates voted at least twice for raising the debt ceiling, and have struck a deal with Obama which only solidifies the growth of federal spending over the next 10 years. The promises were all conveniently forgotten.

Now we are at a point where the total debt of the US government is equal to the total economy: about $15 trillion. In other words, everything we have produced and will produce is laid on the table as a collateral for the payments of the Federal government to its favorites: big business and welfare recipients. This historical landmark doesn’t seem to create a stir in Washington DC; Congress and the Senate go about their business unperturbed, things are as usual. We can keep spending more than we produce, is the mood in Washington DC.

Some government experts and socialist economists claim that it is not a problem, that many nations in Europe have debt much higher than their economies. Of course, they duly omit mentioning which nations. They are Portugal, Ireland, Italy, Greece, Spain, the famous PIIGS that have created an insurmountable financial problem which may lead to the disintegration of the eurozone and the European Union. Apparently, the politicians and bureaucrats in Washington DC either do not care about the possible consequences of an uncontrollable debt growth, or deliberately are leading the nation toward these inevitable consequences. If the European Union can not survive the financial meltdown caused by a few countries in it, what can make one believe that the US can survive the financial meltdown caused by the Federal government itself?

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Something needs to change in Washington DC, and change so drastically that spending is cut immediately, not by little steps and not by compromises. An out-of-control Federal government is a much greater danger to America than any external threat by any hostile leader. When the debt level of a family reaches the level of their worth, the family must make drastic changes. Same applies to a nation too.

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