Adding to our government’s grim fiscal future is this report from the Associated Press noting that the federal government will be in the hole around $9 trillion (with a “t”) over the next 10 years. Most troubling is that this is “more than the sum of all previous deficits since America’s founding.”
And here’s another disturbing fact from the story:
[The White House] says by the next decade’s end the national debt will equal three-quarters of the entire U.S. economy.
The report also notes that both the White House and the non-partisan Congressional Budget Office predict that the federal debt will more than double in the next 10 years. Just something more to look forward to.
For a detailed and sobering picture of our situation, take a look at this site.