According to treasury figures released yesterday, government spent $46.6 billion more in
September than it took in, a month that normally records a surplus.
However, this is only the tip of the iceberg. Few Americans are actually
aware what a serious financial situation America is currently in.
The Treasury Department doesn't like to
advertise the fact, but America’s
national debt is larger than the total economies of China, the United Kingdom,
and Australia combined and is quickly approaching or exceeding the USA's 14
trillion GDP. (It appears less than that in charts, because the government has
been cooking the books since the Clinton Administration. They are not counting
Social Security and Medicare obligations as part of the debt.) If the pattern
continues over the next decade, the government will borrow approximately $1.72
million every minute.
$776.4 billion, having grown more than $240 billion in the last year.
How did we get to this point and what are the long-term consequences if America continues down this same course, borrowing itself into oblivion? Those are questions I have been researching this week, and I have published my findings HERE in the article, "What The Treasury Department Is Not Telling Americans About the National Debt". I argue that the USA is quickly approaching the point where we will no longer be able to service the interest on such a large debt, and I discuss the consequences that will inevitably occur once that point is reached.