Many years ago when World War Two was coming to an end, I saw two things that impressed me to this day.
The first was a German One Hundred Million Mark note which had almost no value and the second was a picture of a Japanese woman going to market to buy a loaf of bread. She was pushing a wheelbarrow which was piled high with dozens of bales of money to be used to make this one purchase.
Both countries had decided to print extra money to pay for their war debts and this was the consequence.
We are far from the scene above. However, I feel that the possibility exists.
The national debt has been with us since the days of the founding of our country. It would rise and fall but first grew greatly during the Second World War. A few years after, most if not all of it was repaid. From a 1949 low it has grown steadily through the years. With very few exceptions it has grown more quickly year by year. At this time, it is over nine trillion dollars and should pass the ten trillion dollar mark sometime in 2008.
In 2006, the interest alone on the debt was four hundred and six billion dollars. That translates into a yearly cost of about thirteen hundred and forty dollars for each and every citizen of the United States. This interest payment will not only be paid this year but it will be paid every year and will have no effect on the payment of the actual debt.
We are now borrowing money in such amounts that it leaves open the possibilities that the lending countries may use their financial leverage to influence our lawmakers decisions and our country's future direction.
To me, this is a problem that has the power to weaken this country economically and militarily and greatly lessen our influence through the world.
Yet, with all of this national worry and burden, I have heard very few politician speak to any extent about it.
I wish I knew why and wish that more would. ( Written in 2007)
Today, that debt has risen to about 16 trillion dollars. (Written only seven years later in 2014)
Our National Debt - Mike's Photo and Thoughts Website
