The Ticking Time Bomb
Think you know just how bad the nations debt crisis is? The rate at which our nation’s debt is increasing is beyond shocking. 47 million American’s are on food stamps-more than at any other time in the programs history-and the number is growing. Personal debt is staggering, the rate of savings is laughable and right now, no one in Washington has a slightest idea just exactly what to do. Seeing the numbers in action is dizzying but it does put a few things in perspective. The website http://www.usdebtclock.org/ appears to show the changes in many of the key economic indicators in real time.
The numbers are mind boggling and it leaves you asking one question: just how do we get ourselves out of debt? Consider this: if you confiscated, not taxed, but outright confiscated the entire wealth of the 100 richest people in America, all of whom are billionaires, you’d have approximately $1.04 trillion. The net worth for everyone in America in 2010, according to the U.S. Government, was about $54 trillion; it was closer to $58 trillion in 2007. Even if you could confiscate all of that wealth, based on the rate at which new debt is added at all levels, we’d be back to negative territory in a matter of days. And yet tax increases are somehow going to work? But we’re going to cut spending too, right? Folks, if we cut everything, it still wouldn’t be enough. But we do have to begin somewhere. Click the link above and see this ‘debt clock’ in action.