Federal debt "chokes off the future"
The nearby video puts in rather stark terms the grave problems runaway federal debt ($20 trillion and rising) has on the broader U.S. economy. Want slower growth, fewer jobs, and less economic security? Keep pushing the debt higher. The nation is already running above the red line when it comes to its bills, and could get worse unless the political class -- not just Congress, but the White House, too, understands we can't keep spending money we don't have.
The current administration, and existing Congress, show no inclination to seriously reduce spending. There have been attempts to put a brake on spending here and there -- all of which are essential. But as we have seen, even the most cosmetic spending reductions generate howls of protest. So what is a nation to do? If we do nothing, then we will limp into a grim future. If we are serious about cutting debt, then we have to address spending -- and that includes entitlements and defense.