Thread: AMERICA CHEATING ITS CHILDREN By Frosty Wooldridge

AMERICA CHEATING ITS CHILDREN

By Frosty Wooldridge
June 28, 2010
NewsWithViews.com

The American Federal debt exceeds $12 trillion. It’s SO out of control, it’s like a cancer that has metastasized to every corner of our pocket books. Each day we work at our jobs, our taxes pay over $600 million on interest to the Federal debt. In other words, we pay the rich to get richer and we become poorer. Much worse, we write checks that our children won’t be able to cash. We create a whirlwind of consequences for our country.

This year Obama and Congress passed another billion dollar package for Iraq and Afghanistan, but it’s not money in our bank, it’s money we borrowed. How does it serve us or our citizens when our leaders force us into bankruptcy?

Far worse than that financial crisis, our consumer debt exceeds $2 trillion and the average credit card carries an $9,644.00 balance according to NBC Nightly News. But it doesn’t stop there. Foreign investors lend us $1.6 billion daily to float the American economy.

In a recent column, former Colorado Governor Richard D. Lamm wrote, “We have lived in the most prosperous times in human history, yet we are leaving our children with a staggering federal debt. We were the largest creditor nation, but we leave our children the world’s largest debtor nation.â€

I think the Obama generation can kiss retirement goodbye. They may live longer with new medical advances, if they can afford them, but our entitlements strategy is going to really put a squeeze on their retirement security...until it is changed. With Democrats in power, their only solution will be to raise taxes and the retirement age. Meanwhile we keep inviting foreign retirees in with the SSI handouts..and anchor babies who will be back sometime to get their due.