A million a minute, that's what we owe on the National Debt. It works out to about $30,000 per person....man, woman and child...in the United States, and it is still growing.
Clearly, this situation will end in extreme poverty or bankruptcy for the United States if other countries call in their debts. The National Debt adds up to 9.13 Trillion dollars, and as the interest rates compound, other programs in our country will have to be slashed.
When George Bush took office, the National Debt was 5.2 trillion. When he leaves office, it will top at about $10 trillion. That's $10,000,000,000,000.00.
In 1989, the National Debt was $2.7 trillion. It is estimated that the Iraq War will add $2.4 trillion to these totals. Out of the National Debt money, $4. trillion is owed to the Social Security program. The rest is made up mostly of loans from foreign investors, and our own banks, and other investors.
My question: Is it time to be more frugal and to start cutting down this debt?
2007-12-03
05:33:21
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6 answers
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asked by
Me, Too
6
in
Government