Americans have long had the luxury of being able to tune out Washington. It shows up on their television screens like just another reality show vying for their attention, one about grown men and women with an affliction that that makes them behave like children.
But as the nation reaches the one-year point before the 2012 elections today, it is becoming increasingly clear that mild exasperation no longer suffices. The government's problems have reached the size where, if unaddressed, they will soon kill the proverbial goose that laid the golden egg.
The federal government is borrowing $4 of every $10 it spends. Including the money owed to Social Security, the U.S. national debt has climbed to $15 trillion, or about $50,000 for every American. The debt is roughly equal to 100% of the nation's annual economic output, not much less than in many European countries now in the throes of crisis, and borrowing continues at a trillion-dollar-a-year rate.
Link to article:
Editorial: One year from Election Day, debt bomb ticks on – USATODAY.com
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