Addressing Our Debt Is A National Security Imperative

Dr. Ileana Johnson Paugh (Bio and Archives) Sunday, December 9, 2012

Long-term debt is the single greatest threat to our national security

I have written several articles on the national debt as the biggest threat to our national security. I have given numerous lectures on the subject and every time, during the Q and A time, professionals astonished me with their naiveté.

Liberals always post unkind and downright insulting commentaries to my articles, accusing me of being a “tool” of the one-percenters and a paid advocate of the rich. Nothing could be further from the truth.

You do not have to understand all the intricacies of economics, the machinations, and the manipulation of statistics, the market speculation and derivatives to realize that, if you were to run your own household on a constant deficit that is quadrupling in four years, you are in terrible trouble and are going bankrupt.

Our Gross Domestic Product (GDP) is approximately $15.5 trillion but we spend $6.4 trillion at the federal, state, and local levels, making our gross debt to GDP ratio almost 106 percent. We are not Greece, Spain, or Portugal but we are on our way. I use the word “approximately” because these figures change constantly. (US Debt Clock)

I realize that, unlike Greece, Spain, Italy, or Portugal, we can print or create our own currency out of thin air since we are still in control of our monetary policy via the Federal Reserve System while the Mediterranean countries must depend on the monetary policy of the EU, coming from Brussels.

The U.S. total debt is almost $58 trillion, personal debt is $16 trillion, mortgage debt is $13 trillion, student loans $932 billion and credit card debt $846 billion. The U.S. debt on interest alone is $4 trillion.

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