Ten Trillion and Counting
While I was viewing a very interesting video about the national debt crisis, I could not help
thinking about Greece’s debt crisis. Greece government completely ignored the rules of
responsible borrowing. The result was a catastrophic debt that the country is unable to
repay. The Greek financial trouble started decades ago when government after the
government increased the size of the country’s payroll. My question is, what is the
difference between U.S national debt and Greece’s national debt. According to the video
our nation brought money from China and that is all they explain about the source of our
national debt. Is Chinese money is all the source of our national debt? If not what other
sources are included in our national debt?
Our national debt currently approaches $18.3 trillion, many economists, political leaders,
and citizens are under the impression that America’s rising debt and purchasing of national
debt bonds by the foreign countries will lead America to bankruptcy. Since the year 1969
the Treasury has been spending more money than it is bringing in. Causing them to have to
borrow money to keep up with congress’s spending, they pay a huge amount of interest on
the money that they borrow. All of these factors contributed to our current national deficit.
The video spends one-third of its time blaming George W. Bush. The video shows how
George W. Bush the Son learned never to increase taxes via his father’s lost election.
