Wednesday, October 29, 2008

THE NATIONAL DEBT: The Biggest Issue That Never Was

one thing is certain

the next president will substantially increase deficit spending and significantly increase  the national debt. does this alarm you?

it should.

for fiscal year 2008, americans spent $451 billion for just the interest payment on the national debt. that is roughly half of the cost of the "bail-out." you can bank on this: this interest payment will recur every year and it will only go higher, as long as the u.s. continues its reliance on deficit spending. 

for sport, let's count the zeros: $451,000,000,000.00

all that money for interest on debt. is that really how americans want spend u.s. tax dollars?

in fairness to the next president, he won't really have a choice whether or not to increase the federal deficit.  the "bail-out," the wars in iraq and afghanistan, and a widening recession will force the next president to borrow and spend more. 

poignantly, the next president will occupy the oval office having significantly fewer choices and options for his policy agenda than his predecessors. neither candidate will admit it on the campaign trail, but the next the president's hands will be tied, given the burdens of growing record deficits and a bourgeoning, record national debt. the u.s. is nearing its financial limits, in terms of deficit spending, without the onset of seriously negative consequences.

the new president will have a briefcase full of policies that can help the u.s. through the economic recession, help get more people health insurance, to help pay for the wars and improve education, social security, to help stabilize the real estate market, etc...  

but these policies cumulatively are too expensive for the u.s. to afford.  the new president will need to earnestly prioritize.  the u.s. is bumping up against the national debt ceiling, again. the debt ceiling has needed to be raised 7 times under president george w. bush.  the  u.s. is set to reach $11+ trillion in a matter of months.

these are a few signs that u.s. is already feeling the gravity of massive indebtedness. according to many experts, serious ramifications are sure to follow if we continue to grow the national debt

the cruel irony is that the next president's ability to help lead the u.s. to a better and safer tomorrow will be limited from the very start, all because the federal government has spent itself into a very, very, big hole.

this is the biggest issue that never was.

•   •   •

we're not economic experts here at the INKSPOT PROJECT.  but that won't stop us from discussing the issue of the u.s. national debt to help raise awareness. this is a vital issue that, unfortunately, does not get the attention it deserves. one day, it will be the biggest of issues, whether we want it to be, or not.

we will focus on the subject as often as possible and will share helpful articles and links as we find them. it is in the vital interest of the united states for all citizens to start paying attention to this issue, and vote accordingly.

this is the first article of a small series.  please stay tuned.

No comments:

Post a Comment