Our national debt has now reached $31 trillion and is on a path to grow by trillions more for years to come. Today’s tab averages $93,161 per citizen, or $246,689 per taxpayer.
It is time to install a national debt clock with daily updates in both Congress and the White House. They can see how much they are adding to long-term debt every time they pass spending bills dependent upon borrowing to pay the tab.
Who is going to bail out Uncle Sam to pay for this? Government, the private sector and citizens must make difficult financial decisions on how to use existing resources. Americans prioritize their own family budgets. They make the hard choices in how existing household financial resources will be spent. The president and Congress should do likewise.
The world’s favored currency is our dollar. This could end if Washington fails to control annual increases in spending and debt. If things continue the way they are, China may surpass us, and the yuan could become the world’s favored currency. Our reign as the world’s No. 1 superpower will come to an end.
Great Neck, New York