It will be our debt, when historians state what caused the decline and fall of our nation. Due to incompetent leadership, we have become the greatest debtor nation in history. The federal national debt is now over $16.2 trillion. It will be $16.5 trillion+ by January 20, 2012, a four-year increase of $5.9 trillion or 55.6%, since the beginning of the Obama administration; it’s increasing, uncontrolled, presently at $3.8 billion per day.
Our debt ratio exceeds our gross domestic product by over 104.9%, a situation that economists advise cannot continue. The yearly interest on the debt exceeds $256 billion. We are presently spending $3.8 trillion per year, and borrowing 38 cents for every dollar spent. The debt is projected to increase to over $22.3 trillion in 2016, which would be an $11.7 trillion or 110.3% increase since January 2009.
It will be all over for our nation and people unless we elect knowledgeable and competent leaders, like Mitt Romney and Paul Ryan, who understand the debt crisis and who will take decisive action to end deficit spending and to bring the debt under control.
P.S. My sources include usgovernmentdebt.us and basic percentage math. Also Google United States debt, United States debt 2008-2012, United States debt clock, and United States debt clock live. – Thomas Bryan