Sunday, May 13, 2012
One Year Of Indentured Servitude?
The National Debt now exceeds the Gross Domestic Product. Without even factoring in what states, counties and cities owe, the national debt now exceeds the value of all goods and services produced in the United States in a single year. In other words, if you were placed in a state of indentured servitude for a year and the government were to seize all of the fruits of your labor, your portion of the debt would not be paid off. It gets worse. We are nowhere near paying down the principle, which means that unless we change course, an ever growing portion of our and our children's labor will go towards the payment of the interest on this debt.
Why so few protests? Are we so puerile that only one dimensional sensationalism provokes us? Is this topic too "dry" and "mathematical" for most Americans? Are we as Americans so stricken by hubris that we believe that we are immune to the debt, inflation and insolvency that brought down other great powers?