Election banner 2012
Share this on:
 E-mail
185
VIEWS
 
RECOMMENDS
0
SHARES
About this iReport
  • Not vetted for CNN

  • Click to view k3vsDad's profile
    Posted June 9, 2012 by
    k3vsDad
    Location
    Farmersburg, Indiana
    Assignment
    Assignment
    This iReport is part of an assignment:
    Why do you care about the national debt?

    More from k3vsDad

    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.

    • TAGS:

    • GROUPS:

    What do you think of this story?

    Select one of the options below. Your feedback will help tell CNN producers what to do with this iReport. If you'd like, you can explain your choice in the comments below.
    Be and editor! Choose an option below:
      Awesome! Put this on TV! Almost! Needs work. This submission violates iReport's community guidelines.

    Comments

    Log in to comment

    iReport welcomes a lively discussion, so comments on iReports are not pre-screened before they post. See the iReport community guidelines for details about content that is not welcome on iReport.

    Add your Story Add your Story