Worried? So Let's Default On Our Debt Now
by James Glaser
October 5, 2011
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Well I am worried, and many people I talk to are too. Yesterday, I heard George Will say that right after WWI, John D. Rockefeller, the richest man in America could have written a check to cover our national debt. Will, went on saying that today, Bill Gates is the richest man in America, and even if he gave all of his wealth to the government, it would only cover two months of our Debt's interest payment.

We are in an incredible hole, and the folks in Washington are making light of it. In fact, the Democrats under Barack Obama want to dig that hole deeper by spending more than we have again this year. We are no longer over spending by millions or even billions of dollars. Now, we over spend by trillions of dollars ever year. The real bad thing is that nobody in Washington has come up with a date that we are going to stop spending more than we take in. We are already the greatest debtor nation in the history of the world.

And just how long do you think we can keep this up? People in credit card trouble can keep going for a long time, but they all reach a point that they can no longer pay all those minimum monthly payments. Right now we are paying well over $400 billion a year just in interest payments. The actual number this year according to the Treasury Department is, $434,131,324,866.27. Can you imagine what we could be doing with that money if we were not sending it off to the people and the nations we owe out debt to?

You hear about people who get so far in debt that they lose everything, and I used to wonder how they could let that happen. Now I know. They fool themselves into thinking that things will turn around, and they will be able to pay everything off, and still be ahead.

That seldom happens, and in the case of our country there isn't any rich uncle who will leave us a huge pile of money or an insurance policy that will cover all our losses. We, like most people are on our own, and our national debt is ours alone. Either we figure out some way to pay it off or we default.

So we can default on our debt right now and throw the world into a tizzy, or we can hold on for a while longer paying higher and higher interest payments, but still live the good life. Then we can die, and let our children and grandchildren suffer for our lavish life style. Is that what you want to give your children, all your debts from living high?

Right now, we have that choice, but the longer we wait, the higher our debt and its interest payment will be. Also the longer we wait to do something or default, the harder it will be on all of us. You think we are in trouble now, imagine what it will be like if everyone loses their retirement nest egg, and there is no longer any Social Security, Can't happen? Don't bet on it.

I vote for default now. We will have some very bad years, but we will be able to get out of the hole we are in. We wait, and we have a bigger hole, and more bad years after we do default some time in the future. Either way, we are headed for default.

Post Script:

I can tell you who is not worried, and that would be our President and his wife. The President will fly from Washington to California to give a talk. His wife will fly to Spain or Africa for a vacation. Here is the kicker. This is what the Military says it costs to fly the President and his wife around:

Hourly cost to fly Air Force One a staggering $181,757.00 per hour!

That is just one hour of the plane ride. Then there is the Secret Service, local police and State police, meals, lodging and many times they have to fly over a few armored limousines, in Air Force Two at the same sort of cost. and who knows what other costs there are.

So you can see the President and his wife are not worried about our debt, because when you are as broke as the US government is, you have to know that just like Obama's wars, his travel expenses come from borrowed money.

Your kids and my kids and yes, Barack Obama's kids will have to pay for our President's and his families' travel. Sorry kids.

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