Exclusive: Uncle Sam Goes to Debtors’ Prison » Publications » Family Security Matters

Exclusive: Uncle Sam Goes to Debtors’ Prison » Publications » Family Security Matters: "There are many ways to kill a nation, but sinking into hopeless debt is one of the most certain. Unfortunately, like an irresponsible spendthrift, the U.S. is rapidly embracing this path to ruination. Between 2000 and 2009, our national debt soared from $5.7 trillion to, as of April 12, 2010, $12. 8 trillion (DefeattheDebt.com), and this before budget-busting Obamacare kicks in. Moreover, this statistic ignores state and city debt that is similarly expanding at record levels. Also excluded are the humongous future debts – perhaps trillions – that will be incurred by Social Security pay-outs. A Pew Study finds a $1 trillion shortfall in 2008 between what states owe in pensions and what is now set aside. According to the Congressional Budget Office, by 2020 our nation’s debt will be equal to 90 percent of our gross domestic productand mainly Chinese owned (Irwin Stelzer, “Small Bras and the Value-Added Tax, WSJ, April 5, 2010, A19). This is an historic – one might add, embarrassing – liability level arriving when the US is not waging a two-front war or selling bonds to feed the hungry."