A sight that is becoming more and more prevelant in the United States is the number of poor people begging in the streets for money…This is one of the ripple effects we see as we slide further into debt. As a people we have amassed more debt than any other nation in the world.
On February 13, 2015 Rep. Mike Coffman of Colorado asked for and was granted permission to address the United States House of Representatives by way of extended remarks added to the Congressional Record regarding our unconscionable national debt:
“Mr. Speaker, on January 20, 2009, the day President Obama took office, the national debt was $10,626,877,048,913.08.
Today, it is $18,120,857,078,035.52. We’ve added $7,493,980,029,122.44 to our debt in 6 years. This is over $7.4 trillion in debt our nation, our economy, and our children could have avoided with a balanced budget amendment.”
Source: Congressional Record
Note: The national debt of the United States (also referred to as the public debt or government debt) is the amount owed by the federal government of the United States, not including interest.
How the scam works!
If the government runs a deficit, the U.S. Treasury borrows money to make up the difference between how much money is being spent and how much money is coming in – thus creating federal debt. In our case we have taken the amassing of debt to a whole new level. It will take generations of Americans to pay our debt off. I was talking to an economist friend of mine who suggested that the kind of debt were talking about here is so great its hard to imagine it in real terms. The fastest growing part of the debt is interest, by the way.
See related video: US Debt Crisis – Perfectly Explained https://www.youtube.com/watch?v=1zfb9hLpwRA