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Each year, by the time the United States pays for all of its entitlements, including Social Security and Medicare, our budget is gone. Everything on top of that is deficit spending. Bad enough, but it gets worse. We are not spending our own money. Almost half of every dollar spent by the United States Government is borrowed.
A responsible amount of debt is acceptable, even healthy. We are now way past that point by a few trillion dollars. The debt we sit with now is politely described as irresponsible, if not irrational.
Unfortunately for us, we do not owe our friends or our citizens. A major shareholder in our debt is China. The fact we rely so heavily on foreign investment to fund our debt will undoubtedly bring a day of reckoning. China, as a nation, is not what any borrower would call charitable.
Remember when we let much of South America off the hook? We should not expect the same courtesy. How do we get out of debt? The United States Government must behave like our Utah State government and pass a balanced budget amendment. It took us decades to get into this mess, and it will take decades for us to get out. It will be a ponderous road to financial independence. And much like the path to energy independence, we will need American innovation and determination.
Otherwise, America will be for sale. At a discount.
