INCREASING NATIONAL DEBT POSITIONED TO DROWN NEXT GENERATION
March 25, 2009
We are beginning to drown in our national debt. Many people don't understand the implications of our debt, but it will drastically impact the lives of all Americans in the near future, says the Lariat (Baylor University).
According to the National Center for Policy Analysis:
- By 2012, the government will not have the tax revenue to perform 10 percent of what it is doing now.
- By 2030, the government will have only enough taxes to perform 50 percent of what it's doing now.
- In 2050, when we get ready to retire, the government will no longer be able to afford anything but paying back debt to foreign countries.
This means that Social Security and Medicare very likely will be gone, even though we have paid into it for our entire lives, says the Lariat.
Our economy is beginning to show the early signs of a catastrophic meltdown. Our representatives in Congress need to tighten their belts and so do we, says the Lariat.
Source: Michael Jones, "Increasing national debt positioned to drown next generation," The Lariat/Baylor University, March 25, 2009.
Browse more articles on Tax and Spending Issues