We better figure it out soon, because our National deficit will reach annual GDP real soon. GDP is less than $15 trillion and our current National debt is $13 trillion, growing at $5-1/2 billion daily. Our combined public and private debt is over $50 trillion.
To put these numbers into perspective, there are approximately 100 million households in America. Each billion in debt equals $10 per household. Each trillion equals $10,000 per household. Our government has overspent its revenue by $130,000 per US household and continues today at a rate of $13,000 additional deficit spending per year per household.
If the US Government was a household, it would be equivalent to having a $130,000 home mortgage and spending $13,000 a year MORE on credit cards than you paid off. Next year you have your mortgage plus $26,000 on the cards, then $39,000, $52,000, $65,000, etcetera. The major difference is that instead of CitiBank calling to collect, it will be the Chinese and other Governments who own much of our debt.
You and I would need to get a second job to pay for the escalating debt, and we would need to slow our spending. But the Federal Government just needs to fire up the presses and print more dollars. The problem with that is the dollar becomes worth less overseas when there are more dollars in circulation. This is a contributing factor toward the rising price of oil, gold, copper, and other commodities.
Expect a lot more of the same. Only our elected officials can reverse the trend, and we as Americans have proven we will not re-elect anyone who tells the truth. Reduce Government size or go broke.