- Posted June 9, 2012 by
This iReport is part of an assignment:
Why do you care about the national debt?
The National Debt Is Unsustainable
The debt of the US of A is unsustainable.
Sure right now the interest rate on that debt is relatively low, but soon that rate is going to mushroom. When it does, 2008/2009 will look like the good ole days. Now there's talk that by year's end, the President will be seeking yet again a raise in the debt ceiling.
While we talk of how Congress and the President have burdened our children and grandchildren with a balance sheet long in red with no signs of black, the reality is that unless we begin an agressive program yesterday to begin paying down the debt, we will be hit with explosive payments in the near future to meet the interest due, while not touching the principle, which could throw the nation into a depression which will not allow needed services being funded.
I propose that what our Congress should do immediately is to pass legislation to take 10% of all revenues to be set aside for one purpose only - paying on the national debt. If God and religious organizations can make it on 10%, surely our government can find a way to meet its obligations with 90%.
That 10% should be untouchable except for paying off the debt. The Department of Treasury should be ordered to pay on the debt and prevented from borrowing more until the debt is paid in full. Once the debt has been paid down, the government should continue to set aside 10% for use as a rainy day fund - in the event of catastrophic events.
The federal government must learn to live within its means. States do it. The federal government can do it as well.
Why does the national debt matter to me?
From a purely selfish motivation, the debt threatens to end my Social Security check, which as a disabled individual is my only means of support.
In addition, I do not like the idea of my sons and grandchildren being left with such a massive debt and what will soon become an interest rate which will bankrupt the nation.
Our children and grandchildren do not deserve this from us.
There is no reason a nation such as ours cannot control its appetite for more and curb its desire to borrow, borrow, borrow and spend, spend, spend.
From the Cornfield, the national debt is unsustainable and unless action is taken immediately, life as we have enjoyed for over 200 years may be in jeopardy.