Government Debt- The Greatest Threat to National Security
Monday, November 1, 2004 at 04:01PM
TheSpook
Once again the federal government has reached its
"debt ceiling," and once again Congress is poised to authorize an
increase in government borrowing. Between its ever-growing
bureaucracies, expanding entitlements, and overseas military
entanglements, the federal government is borrowing roughly one billion
dollars every day to pay its bills. Federal law limits the amount
of debt the U.S. Treasury may carry, and the current amount-- a
whopping $7.4 trillion-- has been reached once again by a spendthrift
federal government. Total federal spending, which now exceeds $2
trillion annually, once took more than 100 years to double. Today
it doubles in less than a decade, and the rate is accelerating.
When President Reagan entered office in 1981 facing a federal debt of
$1 trillion that had piled up over the decades, he declared that figure
"incomprehensible." At its present rate of spending, the federal
government will soon amass $1 trillion of new debt in just one
year. [more ]
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