John Adams, our second president, once warned that democracies can commit suicide through complacency and the abandonment of principles. Today, America’s ever-expanding national debt poses a significant threat to our future. The debt, now approaching $40 trillion, grows larger every year with no meaningful action from Washington.
The Warning Signs
Experts have been warning about the dangers of our fiscal path for years. In 2010, former Chairman of the Joint Chiefs of Staff, Admiral Mike Mullen, stated that our debt is the most significant threat to our national security. The federal government’s own financial reports acknowledge that our fiscal path is unsustainable.
History demonstrates that no great nation remains strong after abandoning fiscal discipline. Empires have risen and fallen due to financial collapse. The United States will have no external rescue if confidence in our debt collapses, leading to catastrophic consequences.
America’s debt now exceeds 125% of Gross Domestic Product, a level viewed as dangerous by economists. The federal government must refinance trillions of dollars in maturing debt while borrowing more to cover annual deficits. This strategy depends on lenders continuing to purchase US debt at affordable interest rates.
Citizens must understand the magnitude of the threat and insist that Washington act before the crisis arrives. Responsible leadership is necessary to address this problem and avoid irreparable harm.
Original reporting: Fox News (HLL/CB) — read the source article.
