| June 24, 2010

$13 trillion? Not even close

Big news recently. The U.S. Treasury Department recently announced the federal debt had soared past $13 trillion ( and will rise to nearly $20 trillion by 2015 ( By 2020, our national debt will be 90 percent of our gross domestic product (GDP). How about a big round of applause for those who believe it's their job to tax you into oblivion, waste that money and then borrow more from China after they bleed your family dry? They're doing a fantastic job. Our children's and grandchildren's future was mortgaged by federal debt years ago, but it just keeps getting better, doesn't it?

If only they would just tell us the truth.

As in, the truth about what we actually owe as a nation. If the sound of $13 trillion spikes your blood pressure, well, prepare to have a coronary.

When you add in federal entitlements such as Social Security and Medicare, our national debt skyrockets. The Institute for Truth in Accounting calculates these unfunded liabilities at nearly $75 trillion (, while the US Debt Clock ( pins the number at more than $109 trillion. Whatever the number, it's bad.

To make matters worse, it is worse. A recent article by Kevin Williamson at National Review found that when you mix in state and local debt, such as municipal bonds, and the 8,000,000-pound elephant in the room ─ state and federal pension deficits ─ our total national debt is more than $130 trillion (

The hard truth is: we are in trouble. We can't wish this debt away or sweep it under the rug. It has to be paid. Have you got $433,000 lying around to pay off your share? How about $1.7 million for a family of four?

Wake up!

These politicians spend our money recklessly because they have little accountability beyond the election poll. If we are going to continue to vote into local, state and national office the same career spendthrifts who don't believe you have the fortitude to make them find another job, we are going to be headed the way of Greece sooner than later (

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