Dave's Thoughts on the National Debt
The nation's debt now exceeds $13 trillion. That's enough to pay the
rent for every renter in the U.S. for three years or pay the monthly
payments on all U.S. mortgages for 14 months. A $1 trillion stack
of $1 bills would wrap around the equator 2.72 times!
And $1 trillion is just a fraction of the money the U.S. owes. Since
Dave can't stand debt, including the national debt, he had some tough
things to say as he discussed the issue recently on The Dave Ramsey
Show.
Listen to the clip here.
What Is National Debt?
The government uses debt to cover its expenses when it spends more than
it makes from taxes or other revenue sources. There is no
requirement that the country operate on a balanced budget, so,
since the country was founded, the national debt has continued to grow.
In 2008, the national debt stood at $9 trillion—the total debt for the
entire history of the U.S. In two years, we added $4 trillion to
our debt, increasing it by almost 50%!
It is no different than one of us racking up
credit card debt on groceries, then getting a car loan and a
mortgage on top of that. All the money you make goes to keep up your
payments. Not smart.
The Lines Are About To
Cross
While $13 trillion of debt is overwhelming to think about, what's worse
is the breakneck rate of spending. It only took six
months to go from $12 trillion to $13 trillion!
Imagine the U.S. debt and revenue as two lines on a chart. The revenue
line is pretty flat, if not declining, but the debt line is shooting
straight up. The two lines are about to cross, and that means and the
country's debt will exceed its ability to pay the payments.
A Political Revolution
The majority of people in America want an environment that gives them a
shot to make their own money, and they are not happy with the
redistribution of wealth that is happening today. The ballooning debt is
just one more reason for a political revolution—to fire the politicians
who are doing the spending, regardless of their party.
That's why Dave doesn't buy in to the gloom and doom some political
analysts believe. He talks with people all over the country who are
angry about the direction the country is headed, and they are not
willing to put up with it anymore.
Our debt problem has given our country the opportunity to come
up with a solution. With such an impressive problem, the solution it
inspires is bound to be great!
It doesn't have to take an act of Congress for you to get out of debt.
Check out Dave's
Financial
Peace University Home Study Edition to get started today!
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