The Real Story: America’s $50 Trillion Crisis
By Tony Spadaccia, contributing writer
Thomas Jefferson once wrote that, above all other things, “the public debt is the greatest of the dangers to be feared.” Unfortunately, our elected officials in Congress don’t seem to share Mr. Jefferson’s concern. For years, our government has been spending money way beyond its means and as a result, we’ve built up almost $9.5 trillion of debt, which continually increases at a rate of about $20,000 per second. In addition, our government is committed to pay $40 trillion in Social Security and Medicare benefits to baby boomers when they retire, putting the bill near $50 trillion. More...
