- Posted October 10, 2013 by
This iReport is part of an assignment:
Shutdown over: What next?
When Will the National Debt Become So Big That it Matters?
The reason that we should be talking about our debt is that it has grown significantly in recent years. In January of 2009 the total federal debt stood at $10.6 trillion. Today our federal debt stands at $16.7 trillion. That is a 57% increase or $6.1 trillion in debt in a mere 4 and a half years. Past presidents have also seen the debt rise under their watch; GW Bush saw an increase of 38% and even Bill Clinton saw an increase of 32%.
The fight over Obamacare seems to have over shadowed what the real disagreement is really about; our out of control federal spending and national debt.
If our out of control spending and national debt were NOT at the heart of the issue there would be plenty of money to run our government. But the fact of the matter is, that in order to keep our current government going we must borrow money. The problem that we have now is that what we need to borrow now exceeds the spending limit set by our lawmakers. This fight we are watching play out in Washington is more about money than it is about health care.
Why do Tea Party Republicans want to get rid of Obamacare? I know a lot of people think it is because they hate the president because of his race, but I wonder; could it be the cost? It is being reported that the projected costs of creating and implementing Obamacare have already been exceeded by a lot. There is fear that people will pay the fines instead of buying insurance and if that happens there will not be enough money for the system to work without the taxpayer picking up a lot of the tab.
I know both republicans and democrats have spent us into this government shutdown; but I wonder when will the debt be so high that there is no choice but to say no, we cannot raise the debt ceiling any higher. Will $20 trillion be the number; if our national debt continues to grow at the same pace we could be there in 4 years. Maybe it will be $30 trillion. Who knows? But what I do know is that at some point the interest on our nation debt will cripple the nation. The revenue our government takes in will just be enough to service the debt and not the people.