James Lambert
Federal debt is growing by over $500k per minute & many in gov't don't seem to care
FacebookTwitterGoogle+
By James Lambert
December 21, 2017

James L. Lambert, author www.16AmazingStories.com

It's apparent that many in Congress on both sides of the aisle are ignoring the growing national debt and the potential fiscal problems that such enormous federal debt could very well mean to our country. Just in the last 10 years the national debt has grown by over $8 trillion dollars and it doesn't seem to be slowing. Sadly, this issue continues to be avoided by not only our representatives in Washington as well as the national media, at all levels. .

Common sense tells us in our own lives that, in order to survive fiscally, we have to live within our means. Why is it so difficult to get this message to our leaders in Washington, D.C.? If you or I handled our personal finances in the same way that our federal government carries on fiscally, we would be all in bankruptcy court by now. Yet we still go on tolerating this huge debt problem.

People need to understand that eventually our young generation will have to pay the price for this. Unfortunately, most Americans don't fully comprehend how serious this dilemma is. A large part of the annual governmental expenditures just pays for bond debt, which continues to increase. With the huge growth of debt (especially during the Obama and Bush 43 administrations) government at almost all levels continue to significantly increased.

Currently, government bond rates range from 1% to 3 percent. When inflation takes its periodic course (which over time is normal), interest rates will increase. This will obviously affect interest expense outgo. Clearly, this added expense will increase the amount of monies that the government has to pay on a regular basis, thus limiting more funds that would be normally used for other expenses.

This growing predicament should alarm not only all taxpayers but also members of the younger generations in light of all the subsidies that government today provides many citizens. These subsidies includes: social security, disability obligations, food stamps, healthcare subsidies (including Medicare and Medicaid), government aid to our retired military members, various subsidies for highway improvement, government loan expense for student loans and many other programs as well.

The budgets for all the above (and more) will be dramatically affected by a federal deficit that continues to spiral out of control. There will not be enough money available to pay for these and other programs and agencies, if our representatives in Washington (both House of Representative and Senate) don't get spending under control, especially spending involving various government bureaucracies. Spending on programs that are outside the scope of government's true function and government waste must be stopped and ended. It's about time our leaders take this serious, that is to cut government waste.

It's about time the public including the media start demanding that our government live within its means! It's time that we take a few minutes. You can do this by contacting your local Congressional Representative. You can ask their staff to tell their Representative to request their office to seriously start cutting government waste. Go to: www.house.gov/representatives . It is where you can find your local Congressional Representative's contact information.

Also, you may want to contact a great organization that genuinely believes in cutting government waste: Citizens against Government Waste. Their contact information is: www.cagw.org Thank you!

© James Lambert

 

The views expressed by RenewAmerica columnists are their own and do not necessarily reflect the position of RenewAmerica or its affiliates.
(See RenewAmerica's publishing standards.)

Click to enlarge

James Lambert

James Lambert has a broad business background. After receiving his undergraduate degree from Linfield College (McMinnville, Oregon), Lambert pursued a career in banking by working in various management capacities for Crocker Bank, San Diego Trust & Savings Bank and First Interstate Bank (between 1973 and 1995). By 1990 Lambert received his Master in Business Administration from National University (San Diego). For 3 years, Lambert also taught Finance at Mira Costa Community College... (more)

Subscribe

Receive future articles by James Lambert: Click here

More by this author