WHILE YOU WERE SLEEPING - A $53 Trillion Debt?

(08/27/2008)

OPINION By Bob Weaver

While presidential candidates are massaging voters with 24/7 coverage of their innermost thoughts and shortcomings, there is little discussion about the nation's red ink.

Most of us who have been members of the Democrat party have relied on the wisdom of right-wing conservatives to bring some checks and balances to the nation.

That's long gone.

Strangely, it was the Democrat party that reeled-in deficits, before George and his associates got on board.

There is plenty of blame to be shared by Congress and even Democrats.

The national debt has soared to a mind-boggling $9.6 trillion, with lenders like China holding the credit card.

Former US controller David Walker says the government debt total is about $53 trillion.

Billionaire Pete Peterson, in the just released documentary "I.O.U.S.A." says that about 70% of all US debt is now owed to foreign investors.

Walker claims that baby boomer's, Social Security, Medicare, Medicaid and government subsidized health care costs will likely push the national debt another 250% by 2040.

The now-forgotten war in Iraq, based on a series of "government misinterpretations" has cost over $600 billion.

Bush's White House just announced the latest national deficit is nearing a half-trillion dollars.

Trillions of dollars have been spent on government give-aways to big business, mostly tax breaks to the wealthy.

Then there is the globalization of much of America's work force and a glaring trade deficit, mostly because the US is producing less and less.

The global "free trade" market has forced America's workers to compete with foreign workers that are paid a fraction of the lowest American wages, with most of those jobs having no health or retirement benefits.

We're told we must learn to compete on this un-level playing field.

All of this, while you were sleeping.


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