Death by debt isn’t only a Greek tragedy, it’s downright common. Powerful nations all the way from Rome to Russia have killed their economies by spending more than they had. And, if the American people don’t stage an intervention soon, the United States may do the same.
The federal government will soon be paying more in interest on the national debt than we spend on national defense. The national debt represents 93% of our total gross domestic product (GDP) with foreign governments like China and private entities owning nearly half that debt.
Surely, one of the world’s greatest debtors cannot remain the world’s greatest superpower for long. As the world’s champion of freedom, we cannot afford to be enslaved by those who control our line of credit.
Many have feared our nation slipping toward a European Socialist-style economy, yet today the U.S. wouldn’t even qualify for entry into the European Union which requires a debt-to-GDP ratio of below 60%.
