This fourth chart shows the growth of America’s national debt over the years. Imagine if your own personal borrowing looked like this…..
In just a few short months, the federal government of the United States will be over 10 TRILLION dollars in debt.
10,000,000,000,000 dollars in debt!
Will the current generation of Americans repay this debt?
No, the current generation seems determined to go even deeper in debt.
So, that means that the current generation of Americans is dumping this debt on to their children and their grandchildren and to generations beyond that.
That is inexcusable!
The truth is that America has sold their children and grandchildren into economic slavery forever.
How would you feel if you were a little child and you discovered that your parents had run up a million dollars on a credit card in your name, and now you had to make interest payments on that credit card for the rest of your life?
I imagine that you would be furious!
America’s children and grandchildren will be working ALL of their lives to pay interest on this ridiculous debt. Their labor will go into serving the owners of this debt, and there is no escape.
America has had the greatest party in the history of the world and it has fueled this extravagant party on massive amounts of debt, but there is some really bad news…..
The party is coming to an end.
The reserves of America’s local banks are gone. The financial institutions of the United States have borrowed an insane amount of money from the Federal Reserve this year just to stay afloat. Many have already failed. America’s financial system has never experienced a crisis of this magnitude.
The biggest debt bubble in the history of the world is beginning to burst.
For decades Americans have lived like kings and queens…..enjoying the biggest party the world has ever known…..but financed with ever increasing amounts of debt.
Once upon a time, the United States was the biggest creditor in the entire world. But those days are long gone. Now America is the biggest debtor nation to ever exist on the earth.
America was the wealthiest nation in the world, but that was never enough. Americans always had to have a bigger car, a bigger house and an endless supply of “stuff”. So the American government piled up debt, American companies gorged on debt, and Americans made using credit cards into a national pastime.
And if you include the future liabilities that the United States government has committed to such as future Social Security and Medicare payments, then the total debt of the federal government is over 59 TRILLION dollars.
59 TRILLION dollars!
Now that many of America’s jobs have gone overseas, the price of gasoline is shooting through the roof, and tons of people are losing their homes, do we find that Americans are learning their lesson?
Not at all.
Instead Americans are squeezing everything they possibly can out of their credit cards. Total credit card debt in America is now over 790 billion dollars, and it is increasing at a rate which is four times faster than earlier this decade.
Instead of showing restraint, Americans have jammed the accelerator to the floor.
Prices are increasing dramatically while wages are not. Jobs are being shipped overseas and factories are being closed. America’s largest banks and financial institutions are teetering on the brink of failure. Homes are being foreclosed at record rates. Personal bankruptcies recently hit an all time high. And what is the answer that the politicians are giving to America?
Spending even more money and getting us into even more debt.
It is time to face the truth.
The American Dream has gone “bye bye” and it isn’t coming back.
And there isn’t anything that John McCain or Barack Obama can do to stop it.
WHO IS RESPONSIBLE FOR ALL THIS MISMANAGEMENT?????