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Nation's rising debt may be next economic crisis

Ya Think? | 5:28 a.m. July 4, 2009

Duh, of course it is. Just wait until hyperinflation kicks-in within the next year or so after the unconscionable spending-spree the Obama Administration and the Democrats have been on. And the "cap and tax" scheme aimed at getting more money for them to spend imposing their restrictions and governance on all of us. We may actually NOT recover, it's so disastrous. Civil breakdown and who knows what else may follow?

KM | 8:08 a.m. July 4, 2009

Its part of the marxist plan. break it and then remake it in your own fashion. CRISIS, CRISIS, CRISIS, CZAR, CZAR, CZAR.
The funniest line in this article was "its growing at 1 trillion per year." Wow, I wonder why? Idiot politicians and there lemming-like followers think we can afford and pay for any social program. As long as it feels good.

Earl | 8:18 a.m. July 4, 2009

The Keynesians want us to believe that the only problem with the national debt is that it's still too small! We need to spend like it's WWII to get us out of trouble. Who is willing to increase the debt even more? This is what a misreading of economic history leads to.

Comments continue below

Dan | 8:37 a.m. July 4, 2009

Thank you for this insightful article.

Brother Chuck Schroeder | 9:11 a.m. July 4, 2009

We'll be in MORE THEN A CRISIS in 2010, when the dollar drops below what a penny is worth, and all credit stops. To my fellow Americans who still cherish the dream of our founding fathers, I wish you a wonderful and Happy Independence Day. To those of you who are willing to compromise your liberty and freedom in the hopes that Fedzilla will provide you an artificial blanket of security, enjoy your Dependence Day. Higher taxes and more government ultimately lead to economic genocide. Alternatively, lower taxes, less government, and more independence lead to prosperity for all who are willing to take advantage of it. Our forefathers who threw the tea over the side of the ship in Boston Harbor knew this. Fedzilla pushed through an unauthorized trillion-dollar economic stimulus bill that not one elected representative read before voting on it. BECAUSE of after midnight secret votes by the Demo's and a fast signing of these Bill's, by Obama, and leaving out the Republican's from speaking on the floor, and, Rush Limbaugh wanting Obama to fail. So he'll look good as a entainer.

Anonymous | 9:33 a.m. July 4, 2009

The article states that "Interest payments on the debt alone cost $452 billion last year – the largest federal spending category after Medicare-Medicaid, Social Security and defense."

So who is getting the money? China et al? Bankers?

So when do we start rebelling and not paying the taxes? Do we stop buying gas when the cap and tax thing goes into effect? Do we ignore the swat guys that show up on our door when we use wood stoves instead of paying for natural gas? Do we all move to California and not have to air condition or heat our houses, and then live off of unemployment?

What are your opinions?

Re | 10:51 a.m. July 4, 2009

If the deficit is keeping Obama up at nights why is he so intent on adding to it?

This article lacked total understanding of the problem.

Add A Lot More Zeroes | 11:04 a.m. July 4, 2009

Hope they fixed that "debt clock" to go into the quadrillions. We'll soon be there.

Clare | 1:01 p.m. July 4, 2009

What we need is a president who understands economics. Mitt Romney would be excellent for the post of our Commander-in-Chief. He is truly gifted in this area.

What We Need. | 1:31 p.m. July 4, 2009

The Dollar moves 5 times and the Government has it back in Taxes.
We have the Right President, I waited for him all my life.
You Jerk Faces are not looking to smart Knocking Barrack Obama.
You do not have a clue to fix anything.
Obama is also a Professor of Law.
Did you know that?

RE: What We Need. | 3:36 p.m. July 4, 2009

Rather than name calling,

Please explain how adding trillions in spending and debt is fixing anything.

The fact is this extreme liberal democrat has NEVER had a job in the private sector, he has never ran anything where he has had to manage a budget, he way over his head, and his lack of experience, added on top that his extreme liberal views of government controlling everything and having all the people enslaved and dependent on government, is a real BAD mix.

TRUE Freedom, liberty and indepedence comes with a price, and that is you may fail, you may make bad decisions, may do wrong things, and have to pay the consequences,

and you may disagree and be uphappy with HOW others use their liberty, freedom, and indepedence,

but that and personal responsibility is the price of it and for it,

but one that is well worth it.

But Obama wants to take all that away, control everthing, even contol you and your personal life and private business.

Obama wants you to give up your liberty, your freedom, your rights, your independence,

all for some empty guarantees.

This is why people are hoping he fails.

Tis sad | 6:55 p.m. July 4, 2009

that our elected leaders struggle to balance the budget. I could teach them a few financial pearls, but what do I know, an average citizen. It is terribly basic, living within your means, something that is obviously, completely foreign to our supposedly "brilliant" leaders. Obama is Professor of Law? He really had me fooled.

patriot | 11:25 p.m. July 4, 2009

Ron Paul was right

Way to go | 11:46 p.m. July 4, 2009

Keep voting for liberals and this is what you get.

Liberals have been in charge for almost 3 years and now we a communist in the White House.

I think I'll start paying my taxes or power and gas bills with IOU's.

rvalens2 | 12:45 a.m. July 5, 2009

Re: Patriot

You are correct. Ron Paul was right.

Unfortunately, in this day and age ... charisma, good looks, charm and the ability to deliver a good speech are deemed higher priorities than whether or not you can responsibly run a country.

Anonymous | 1:18 a.m. July 5, 2009

Lets cut government and not spend. Our economy is in recession. A recession is when demand drops, When demand drops companies cut production and jobs and workers save and don't spend. This cuts demand further. More workers lose their jobs. Tax revenues drop and government is forced to cut or increase taxes. Demand drops even more.

Your kids might not have debt bu,t they won't have work ether. As workers lose jobs they go on unemployment. This costs. The amount spent for food stamps increases. Youth crime increases. Revenues drop.

America's debt took off under Reagan. The last year Bush was in office, if Bush had honestly included two wars in his budget, his last budget was 3.2 trillion dollars. Did you hear abut this on Fox, Limbaugh or the Drudge Report?

It's funny how it took electing a black democrat to get republicans thinking about our economy. They sure didn't seem to care while they ruined it.

What's the conservative solution let us sink in to a dep depression. Why would businesses or people buy and increase demand while the depression deepens?

rvalens2 | 1:19 a.m. July 5, 2009

Re: What We Need

"You Jerk Faces ... do not have a clue to fix anything."

Hmm ... how would I as a "Jerk Face" fix our problems.

Here's where I would start.

BALANCE BUDGE AMENDMENT
Exceptions for WAR and Major U.S. Disasters.

U.S. BACK ON GOLD STANDARD

LIMITS ON WELFARE
If you're healthy you are expected to work.

SEAL THE BORDERS
Limit who can come here.

HEALTH INSURANCE
All certified insurance companies allowed to compete anywhere in the U.S. for clients. No more state by state certifications.

Insurance companies required to insure anyone who applies. No more pre-existing condition limits.

YEARLY AUDITS OF THE FEDERAL RESERVE

IMMIGRATION
Those who are here illegally must go home and apply to enter and/or reside in the U.S.

GLOBAL WARMING / CLIMATE CHANGE
Hold a REAL national debate on this issue with all challengers and opinions invited.

RESTORE POWER TO THE STATES
Those powers not specifically granted to the Federal Government belong to the states.

FLAT TAX / FAIR TAX
Eliminate the IRS and taxes on earned income.

(continued on next post)

rvalens2 | 1:51 a.m. July 5, 2009

(continued)

AMENDMENTS AND/OR LAWS

Congressman and Senators must read each bill before being allowed to vote on it. A minimum of 30 days is to be alloted for this purpose. Didn't read it? You don't get to vote on it.

Any proposed U.S. law must be posted on the internet for a period of no less than 30 days before Congressman and Senators are allowed to vote on it.

No more automatic pay raises for Congress. If a pay raise is needed it must be voted on each time and does not become law until one intervening session of Congress has elapsed.

Laws which apply to the public at large must also apply to Congressman, Senators, the President, and all U.S. government employees. No exemptions to be made.

(Yes, I realize all laws are supposed to apply to everyone. But Congress has already seen fit to make certain it won't be required to participate in the proposed National Health Care System, even if the rest of us are forced to.)

*********

Re: What We Need

How's that for starters?

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