Friday, November 12, 2010
United States National Debt
Under President Reagan’s eight year term the United State’s national debt almost tripled to over 2.8 trillion dollars. President Reagan administration cutting taxes while greatly increasing defense spending changing the projected course of our national debt. In less than thirty years, under mostly so called conservative Republican administrations the United States national debt has gone up by ten-fold. Only during the last two years of President Clinton’s eight year term did we have a balance federal budget where we did not add to our federal national debt. Today our national debt is going up at a rate of over a trillion and a half dollars annually during a period of artificially low interest rates.
Just with a slight up tick of the interest rates and or the foreign producers of our consumer goods (shoes, cloths, electronics, and so many other basic staple good we no longer produce in this country) ask for payment for the goods we consumed in the past. The United States Federal government’s shell game will be over. In one last ditch effort the United States Federal Government is planning on buying back 600 billion dollars of their trillion and a half dollar of debt with more borrowed money.. If this is not a ponzi scheme than what is?