"Everywhere you look in America these days the narrative is being written in red ink. At the federal level our government debt is $14.2 trillion. At the state level we’re in hock to the tune of $1.17 trillion. Locally, we owe our creditors $1.1 trillion. If we continue at the current rate, by 2015 federal debt will be $22.4 trillion, state debt will be $1.5 trillion, and municipal debt will be $2.1 trillion.
At first glance you’d think it took us a century or two to dig such massive holes. But it’s only taken us eleven years to do it, which proves, in a perverse way, that we Americans can do pretty much anything we set our minds to.
In 2000 our budget surplus was $146 billion. If things aren’t reversed, by 2015 we’ll increase federal debt from the 2000 levels by 390 percent, while our states will increase their indebtedness by 215 percent and local governments will increase borrowing levels by 223 percent.
What could this mean for us? If something isn’t done to bring the debt bomb under control, by 2015 the average American family will be subsiding government activity to the tune of $664,578, or $176,782 per citizen. How would you like to be the parents of a child born in 2015? How would you like to be the child weighed down in the cradle with such a burden?"....................read it here
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