American Debt Crisis

I have had many conversations with people in powerful positions in Sioux Falls over the last week. When asked what is the condition of America, all responded that we are somewhere between a 5 and 6 on a scale of 10. (10 being absolute destruction).

I maintain we are approaching a 9--in medical terms, it would be referred to as "approaching room temperature." Why do I have such a grim outlook when others seem fearful, yet confident we will recover? 

As person after person explained to me, there have been terrible times throughout our nations history. During WWII, imagine facing a world war. After the Korean War, but especially after the Vietnam War, our country faced mutually assured destruction. One individual says his mother truly thought during the Bay of Pigs that nuclear war was imminent. Finally another reminded me of the days of 18% interest rates and 10% inflation of the middle and late 1970's. America has always rebounded and come around.

But as I explained to them, we have never seen a time in our country where government promises and the government's ability to pay for them have been so far apart. We are adding $2.5 trillion to the national debt in a single year. We have $65 trillion of toxic assets that are bubbling right below the economic surface. 

And then this article explains the biggest problem of all. Record government spending over the next 30 years that will eventually bleed the taxpayers dry.

Don't miss it. This will make you reconsider the frightening future of America.