Like a ticking time bomb, the national debt is an explosion waiting to happen. It's expanding by about $1.4 billion a day -- or nearly $1 million a minute.What happens when we can no longer even pay the interest on the national debt? It will mean the end of social programs and will usher in a period when the United States will economically be a third world nation. Who is responsible for this? Lets take a look at the facts.
What's that mean to you?
It means almost $30,000 in debt for each man, woman, child and infant in the United States.
Even if you've escaped the recent housing and credit crunches and are coping with rising fuel prices, you may still be headed for economic misery, along with the rest of the country. That's because the government is fast straining resources needed to meet interest payments on the national debt, which stands at a mind-numbing $9.13 trillion.
Ronald Reagan inherited a national debt of around 1 trillion dollars. The national debt is now over 9 trillion and should reach 10 trillion by the time George W. Bush leaves office. The only President during this time frame that balanced the budget was President Clinton so a vast majority of the debt can be blamed on just three Presidents - Reagan and the Bushes with George W. Bush accounting for 40% of the total national debt.
When you hear numbers like this you realize just how badly the middle class is screwed but if you think this was an accident then think again. This is a conservatives dream to make the government small enough to drown in a bathtub. This will be the end of social security, medicare, medicaid and all other social programs that they hate so much. The practical effect on the country will be a society of haves and have nots with a vast majority being the have nots.
If you think this can not happen here then research Argentina when nearly overnight a vast majority of their population was plunged into poverty. If you think this can never happen here then you are sadly mistaken.