Our Federal Financial Situation Should Alarm Every Thoughtful Person
Examination of the financial statements for the U S Government, published every year will cause anyone to be alarmed. In Facts, No Spin #92 & 93 we examined the liabilities presented in the new financial statements as of September 30,2022, and the interest payments piling up. And we go merrily along down our rose colored path, complacently thinking everything is just fine. There is no fire at our feet today. We always ‘find a way’ to resolve our problems. UNTIL WE CANNOT. Our debt and unfunded obligations are now $121,800,000,000,000, got it, $121.8 TRILLION, an increase of almost $10 trillion in one year. That is $369,000 for every man, woman and child in this country. The interest bearing portion of this debt is $31,400,000,000,000 and is projected to go to over $50 TRILLION in 10 years with an estimated 2 Trillion in interest expense. Today, this part of our debt is almost 130% of our Gross National Product. ‘The Current Fiscal Path is Unsustainable’, according to our Department of Treasury. Revenue has risen to record amounts in dollars and as a percent of GDP, but we continue to spend more and more and more, without seemingly batting an eye. Money we simply do not have, so the borrowing soars to pay for this indiscriminate spending. If you look at the facts, the trends, and the projections and are NOT alarmed - you are just not paying attention. BOTTOM LINE Complacency is our enemy. If we keep on the course we are on, we WILL hit the proverbial iceberg and sink. It isn’t a question of IF, but WHEN. If you are ALARMED, then do something about it. Speak up, speak out, go to our website and Contact Congress. Let them know you want the problem solved. Don't procrastinate, do it now. This is a great country, don't let it sink. LEARN ECONOMICS. THEN VOTE SMART.