Yes, this is very troubling and quite serious. It all comes back to the White House and Congress. They have spent more than they took in this year to the tune of 1.42 trillion, and they are still spending.
We have unfunded liabilities from Medicare and Social Security that amount to about 50 trillion. Our current national debt is another 13 trillion. We are now approaching a debt level that is equal to the annual GDP of the entire world.
On top of that they want to add another 1.2 trillion for a new health care mandate that will clearly cost trillions more than we have over time.
The world is getting nervous and WARNING us to stop and get this under control.
At some point they will decide to stop buying our bonds. We will HAVE to increase interest rates to sell the bonds, and that will mean a loss of control of OUR economy to foreigners.
China and the Saudis will not just dump these bonds all at once, but they will reduce what they buy and redeem what they have as it comes due....How will we pay them?
This is like a big tumor that keepss growing. If we don't get this under control, it will kill us.
Sorry to be an alarmist, but we need to start demanding responsibility from Washington.
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