Things Are Headed The Wrong Way
by James Glaser
July 14, 2009

America has had a consumer based economy for years, but people have stopped spending like they did in the past. Millions have stopped because they lost their jobs, but millions more have stopped spending like before because they are worried about their future and the country's future, too.

Washington has not stopped spending. In fact, Washington is spending like never before. This year we will be running a $1 trillion dollar deficit for the first time in our over two hundred year history. Some economists think the deficit could be over $2 trillion by the end of the fiscal year in October.

Martin Crutsinger, writing for MYWAY.COM put it this way:

The Treasury Department said Monday that the deficit in June totaled $94.3 billion, pushing the total since the budget year started in October to $1.09 trillion. The administration forecasts that the deficit for the entire year will hit $1.84 trillion in October.

Washington is spending more trying to bail out the banks, buy up the failing auto industry, and keep Wall Street afloat. The government is spending more, but it is getting less back in taxes as something like 7 million workers are no longer paying in. In fact most of them are still taking an unemployment check.

Right now we are $11.5 trillion in debt. Even the White House says that by 2019 we will be adding on another $7.1 trillion of debt. That will put us in debt to the tune of $18.6 trillion dollars. This year we paid $452 billion in interest on the debt. By the end of the next decade we could all have health care for what our interest payment will be.

Still, Washington goes on spending, with no stopping in sight. The American people have curbed their addiction to spending, but our politicians have not. So, our country continues to head in the wrong direction, and if we keep on, we will become bankrupt.

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