Sunday, July 12, 2015

Debt puts U.S. on same road as Greece, Puerto Rico

Debt puts U.S. on same road as Greece, Puerto Rico | MLive.com:
"Greece is on the brink as the realities of its debt crisis manifest themselves to ordinary citizens. 
According to Greek news sources, ambulances have stopped operating in some areas, law enforcement agencies are running out of spare parts as sellers demand cash upfront, and Greek citizens' access to bank accounts is restricted by banks. 
Meanwhile, closer to home, the U.S. protectorate of Puerto Rico says it will run out of money within months. 
The governor is working with Congress to pass legislation allowing for Puerto Rico to declare bankruptcy.
Our elected officials in Washington, D.C., are continuing to journey down the same path that left Greece and Puerto Rico in such dire straits. 
Our federal government has borrowed $18.2 trillion to keep pace with spending demands and at least another $70 trillion is owed for future entitlements such as Social Security and Medicare. 
Our national debt now equals 101 percent of our Gross Domestic Product, and interest on that debt costs about 7 percent of annual federal spending -- more than Washington spends on the Departments of Transportation and Education combined. 
Yet, as long as paying for unsustainable spending can be postponed beyond the next election and foisted on future taxpayers, the borrowing continues.
This country's future is at risk...

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