The Congressional Budget office warned us last year that the nation’s debt “is on an unsustainable path”. Our national credit rating has been downgraded once making borrowing more expensive. We are paying over $360 billion a year interest on the $17.3 trillion debt and that number will continue to grow as we continue deficit spending. If nothing changes the debt will exceed $18.3 trillion when Obama leaves office and the interest on the debt will allow less and less spending for other government programs and services.
The Heritage Foundation provided a comparison if a typical family handled their finances like the government. The median annual income for a US family is $51,000. This family would spend $60,500 meaning they would add $9,500 each year to an existing debt total of $300,000. Can you imagine a banker continuing to loan money when there is no way short of winning a lottery this family could ever pay off the existing debt?
Fully aware of the situation, what did our wise leaders in Congress see fit to do? They gave Obama the “clean” debt limit bill he requested. They SUSPENDED the debt limit until March 15, 2015 giving the government 13 months with no limit on how much it can borrow and charge to our account. The share of the national debt for every family in this country is already in excess of $140,000 and that will be increasing. In fairness to our Mississippi Representatives and Senators, all but one, Rep. Bennie Thompson, opposed suspending the debt limit.
America is already on a fast track to fiscal destruction – increasing debt, increasing interest on the debt, increasing cost of borrowing eating up more of the federal budget. This cycle is destroying any future our children and grandchildren might have hoped for. This insanity must be stopped and our legislators need to be getting that message from their constituents. If they refuse to address the problem they should be replaced in the November election. The alternative is one day soon the government will run out of money to pay it’s bills and benefits.