National debt is a cancer. It starts out small and then multiplies. Eventually, it reaches a point where it can’t be ignored, spreading itself through every layer of the economy until it threatens the life of its host.
Many would say that the U.S. is at this point. Having accumulated more debt than any other nation in history, there is little hope that it can ever be paid back without a combination of some very drastic and unrealistic measures. On greater inspection, paying it back is probably never going to happen and may even be mathematically impossible to do so.
This raises the question then—how did we get to this point? Because really, it’s not a pretty picture of what things start to look like once a nation is forced into reducing its debt. Just look at Greece.
I would agree. Spending on the wars, out of control spending by Congress to the detriment of the social security and medicare funds. No longer a sense of fiscal priorities. Even taxes maxed as the electorate is willing to endure will never make a significant dent in the debt. The 27 million jobs offshored, and deflated wages for the rest does not help individual savings or tax revenue. And those lost jobs are never coming back. Most state governments are union controlled and overspent on pensions and public salaries and in debt at all levels state and local. If there was some means individuals and corporations could be 'convinced' to offest the debt whether by a dictatorship confiscation, or donations, it still wouldn't cover half of the debt. Maybe the government could find a treasure of oil or gold somewhere like on one of Jupiter's moons or the ocean floor, and claim it, but would they still be trusted to pay off the debt? umm