Wednesday, April 13, 2011

America's Financial Demise?

America's debt recently hit $14.2 trillion. According to the Obama administration our Public debts will soon exceed 100 percent of GDP. History shows us countries that hit this level of indebtedness are rarely able to control it. This level of debt usually leads to the debasement of currency. Senator Jeff Sessions recently said "We've got to talk about the systematic problem we have here." Americas debt is the result of over four decades of structural deficits.There is plenty of blame to go around for this. This is a Republican and Democratic problem. During the last 42 years America has been running deficits the Republicans have controlled the White House for 28 of those years and the Dem's for just over 14 years. The only President to actually pay down some of that debt was President Clinton. President Obama for his part up till now instead of trying to do something about our spending problem, has slammed down the spending accelerator. It would be wrong to blame President Obama for our debt problem he is not the root cause, but he is a very big symptom. Both parties are responsible. Do your remember who started all the bail outs? Today we are starting to reap the consequences of our spending problems. Our National debt is almost out of control. We need both parties to work together to save our country from the abyss. All options need to be on the table. Including cuts to entitlements and some tax increases. We need to make sure this is not the beginning of the road to Americas financial demise.

Related Post:

$14.2 Trillion Debt & Counting!

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