If you’re not familiar with the present value of America’s debt, the answer may anger or even frighten you. Including liabilities and obligations, our nation’s debt stands at a whopping $61.6 trillion. And some estimates put it at over $100 trillion. The $14 trillion national debt politicians and the media routinely cite only scratches the surface of our debt crisis. Missing from the $14 trillion figure is the money we have promised to Americans paying into programs like Social Security and Medicare. These programs, which are vital to our seniors, are quickly headed toward bankruptcy. We must reform them to preserve our promise to America’s seniors and get our budget back on track.
The sad reality is that, although balancing the budget and capping spending are absolutely essential in preventing the further explosion of our debt, they don’t solve the problem.
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