Warning: Debt Disaster Ahead
In an interview on August 25th, 2010, a top executive at the well-known credit rating agency Standard & Poor (S&P) gave a stern warning to Congress: pay attention to the recommendations of the President’s debt commission–or else.
You see, right now the US has a credit rating of AAA; that’s a bit like having a perfect personal credit score (aka FICO score) of 800.
But–just like your credit card company would be worried if you charged 10 new flat screen TVs and didn’t pay the bill–credit rating companies like S&P and Moody’s have become increasingly uneasy with the US government’s balance sheet.
It’s not difficult to understand why: The federal government is currently accumulating over $1 million in new debt every 30 seconds. In the time it takes you to read this news update, another $4 million will be added to the country’s debt.
The situation gets even worse in the future. As the above chart demonstrates, the amount of money the government has to spend is growing far more slowly than the rate at which Congress is spending it. The consequence: a shocking $674 trillion national debt awaits the US at the end of that chart.
This disastrous spending path is the reason why both S&P and Moody’s have warned us multiple times to get our fiscal house in order.
If we fail to do so, the consequences for you and your family couldn’t be more serious: money in the bank and savings will be worth less; take home pay will be lower because of higher taxes; and promised benefits will be slashed as the glide path of entitlement reform becomes a cliff (Click here to learn more about the personal consequences of the debt).
Read the original story at Defeat the Debt
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