Does America Have a "Debt Crisis?"

According to our President, no, we don't  (See President Obama: There is No Debt Crisis). That is his opinion. But if you'd like a second opinion, check out the following article by Ed Butowsky:

Wake Up America! The Debt is Hurting You Today

Here is an excerpt from this article:

"The government spends more money than it takes in. In fact, it spends one trillion dollars more than it takes in every year. Since it doesn’t collect enough in taxes to pay for everything, it borrows money (debt) from other countries to fill that gap. That debt costs even more money in the form of interest payments. Currently, we must pay $500 billion in interest every year. That money has to come from somewhere, so we literally need to print money out of 'thin air.'  When you mass-produce anything, its value drops. So if we buy anything outside of our borders, our money will have less value (relative to the currency of another country) for us having printed more of it.  Since our money has less and less value, that makes any items we buy outside our borders more and more expensive. And guess what? We purchase 70 percent of what we consume from outside our borders – such as food, oil, and countless other commodities that are in the products we use every day."

Recommended reading:

If Your Outgo Exceeds Your Income, Your Upkeep will Be Your Downfall (my post)
How Democrats Need You to Misunderstand 'Deficit' and 'Debt'

For extra credit, check out Patrick Buchanan's excellent book:

The Great Betrayal: How American Sovereignty and Social Justice are Being Sacrificed to the Gods of the Global Economy