Yet despite their numbers, none of them is addressing in a meaningful way the greatest threat to our republic: our gigantic and rapidly growing national debt. America’s cumulative borrowing is rapidly approaching $20 trillion, while the federal government’s unfunded liabilities (future expenditures minus future tax revenue) now exceed a whopping $127 trillion — better than $1.1 million per taxpayer.
That’s not merely unsustainable; it’s suicidal.
Following a similarly risky path, Greece has now defaulted on its obligations, sending a shock wave through financial markets around the world. This was a crisis that could have been avoided through sound fiscal policy, but the Greek government has for years lacked the political will to do what it takes to secure that nation’s financial health. The nightly news showcases the unfolding Greek tragedy as though it were another TV reality show. A country on the verge of collapse, full steam ahead on a similar trajectory as the American economy — and journalists are largely silent.