Our country’s invisible problem
Three common clichés come to mind in regard to this election season: 1. The emperor has no clothes. 2. The elephant in the room. 3. You can’t see the forest from the trees. Why? Because the number one campaign issue for every presidential and congressional race should be our national debt! It’s somewhat of an invisible problem, so perhaps that’s why it doesn’t get more attention. Or, maybe it doesn’t rate because most politicians incorrectly associate it only with cutting programs and services – which is never popular with their voters.
Let’s consider just some of the ramifications of our 19 trillion dollar national debt:
A. In order to fund the national debt, the U.S. needs to print money or borrow from other countries. If we continue to print money, that devalues our existing dollars, resulting in inflation. If we continue to borrow from other countries such as China and Japan, our credit risk will eventually rise; this will require us to pay even higher interest rates until the inevitable day comes when we can’t.
B. Taxes will have to increase to service the national debt.
C. Government services – such as the maintenance of bridges and roads and other infrastructure – will have to be curtailed or eliminated as the national debt grows and becomes a greater percentage of the overall budget. Worse yet, should we need to defend ourselves against a foreign enemy, or recover from a natural disaster such as a major earthquake, we might not be able to afford to do so.