10 Reasons Why We Might Not See Anything Less Than A Trillion Dollar Deficit For Decades To Come

Do you know how enormous one trillion dollars is?  If you were alive when Christ was born, and on that day you started spending a million dollars every single day, you still would not have spent one trillion dollars by now.  If right this moment you went out and started spending one dollar every single second, it would take you over 31,000 years to spend one trillion dollars.  A trillion $1 bills, if they were taped end to end, would wrap around the globe more than 38 times.  That is how big one trillion dollars is.  But right now, if the U.S. government could actually reduce the federal budget deficit to one trillion dollars that would be a major victory.  In 2009, the U.S. government ran a budget deficit of more than 1.4 trillion dollars.  The U.S. government will run a budget deficit of more than 1.4 trillion dollars in 2010.  Not only that, the Obama administration is already admitting that the budget deficit will be over 1.4 trillion dollars again in 2011.  In fact, the truth of it is that we are looking at trillion dollars deficits for as far as the eye can see.  In the process we are piling up the biggest mountain of debt the world has ever seen.  What we are doing to future generations is unfathomable.  Servicing this monolithic debt is going to devastate the U.S. economy and is going to absolutely crush the American Dream for future generations of Americans.  But we can’t seem to help ourselves.  We just keep spending.  (Read More...)

As The U.S. Economy Implodes, Should We Ditch Our Debt Or Is Paying Off Our Debts The Morally Right Thing To Do?

As the U.S. economy implodes, a lot of American families are being faced with some incredibly heartbreaking choices.  Many of them piled up massive amounts of debt during the good times as they chased the American Dream, but now that hard times have arrived they find that they just can’t handle the huge mountain of debt that they have accumulated.  Other Americans are looking at the crumbling economy and are trying to prioritize where to spend their money.  They wonder whether they should pay off their debts or whether that money would be better spent on stocking up on necessities for the incredibly hard times that are ahead.  The truth is that this article is going to raise a lot of questions but not provide a lot of answers.  In the end, each person has to make their own choices.  In addition, some of the viewpoints in this article are going to be controversial to many of you.  It is okay if you disagree.  In fact, if you find something that you disagree with, please leave a comment.  This is a topic that hits home with a lot of Americans, and a lot of people have some incredibly strong opinions about paying off debt. (Read More...)

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