It is going to be a long hot summer as Congress and the Obama Administration debate how best to bring down America’s $14 trillion debt. Our crushing debt is as much a national security threat as it is an economic disaster. Many nations own our enormous amounts of debt, some of these entities are nefarious in nature – like China, Russia, and OPEC. If these nations sell off our debt, they can wield great power over America.
Chairman of the Joint Chiefs of Staff, Admiral Mike Mullen, said last year, “The most significant threat to our national security is our debt.” The Obama Administration must find a way to cut trillions – not billions – when it comes to our crippling debt. America is at a crossroads, where we can act boldly now, or put our security at risk by doing nothing.
According to President Obama’s own budget, interest payments for the national debt will quadruple from $186.9 billion in 2009 to $768.2 billion in 2020. That equals $2,500 for every man, woman, and child to pay off just the interest to our national debt every year. The American taxpayer will be drowning in the interest we pay. Remember, the $768.2 billion Americans will be paying in 2020 does not bring down our national debt; it just pays off the interest the debt has accrued!
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