Debts beyond our means

…Three factors indicate how debts are accumulating. In the U.S. total consumer debt is close to $2.2 trillion dollars. Second, the administration has spent more money than we have had for six years. The federal budget has become a mockery with the national debt climbing to $9 trillion this year. Today’s students will pay the debt service for that “fuzzy math” – as well as their kids and grandkids.
Our trade deficit is worse. Imported oil from the Middle East and manufacturing from China are pushing our national account imbalance to more than $800 billion this year. Peak oil will explode our national debt to other nations. The correction of this imbalance will cause the dollar to drop in value, meaning our kids will work longer for less.

Minnesota Daily