Piling On

The Congressional Budget Office is sounding the alarm on the looming crisis in Federal debt. At the end of 2007 Federal debt was 35% of GDP. In 10 years under current spending levels it will increase to 78% of GDP. The CBO concludes:

"Such high and rising debt would have serious negative consequences... Federal spending on interest payments would increase considerably when interest rates rose to more typical levels. Moreover, because federal borrowing would eventually raise the cost of investment by businesses and other entities, the capital stock would be smaller, and productivity and wages lower, than if federal borrowing was more limited."

"Finally, high debt increases the risk of a fiscal crisis in which investors would lose so much confidence in the government's ability to manage its budge that the government would be unable to borrow at affordable rates."

While we are sleeping, the politicians are on course to turn this country into a permanent pauper. The greatest danger for the U.S. is an electorate that doesn't care. November will be the acid test to take the temperature of the voters. Hopefully, it is not too late.
www.breitbart.com/Big-Government/2014/04/14/CBO-Issues-Dire-Debt-Warning-of-Fiscal-Crisis