Twenty years ago, America’s national debt was a little more than $4 trillion. Now it is $17 trillion, and by the year 2020 the interest on the debt will probably be $1 trillion a year.
The root of the problem lies in the fact that Congress simply cannot or will not control the runaway spending that has put us in this position, and the only logical solution is a balanced budget amendment.
If such an amendment were adopted today, in 20 years what we owe now would seem small by comparison, and I believe Americans would approve of a small tax increase to pay it off if the increase, by law, could only be used to eliminate the debt.
If the debt were paid off, the trillion dollars a year we are now paying in interest (much of which goes to China) the money could be spent to improve the lives of our own people. But if our spending is not controlled, the financial future of our children and grandchildren will be grim indeed.