Don’t bankrupt America

I’m making a bi-partisan plea for the future of our country.

The national debt, presently at approximately $28 trillion is money that we are spending that belongs to our children and our children’s children. We are stealing from the future, financing a spendthrift government buying things with money we don’t have — all the while accelerating interest payments on the debt.

The federal government will spend $300 bill on interest payments on the national debt this year. Our federal government spends more on interest on the debt than on science, space and technology, transportation, and education combined.

We are borrowing and increasing the debt to pay interest on the debt, which creates more debt and which more interest will be due, requiring more borrowing.

The treasury department reports that the debt limit has been raised 78 times since 1960 to curb the appetite of the federal government.

The federal reserve is a centralized system composed of 12 district banks, and will purchase, each month, in excess of $100 billion in US treasury blank checks and mortgage backed securities.

The US congressional budget office (CBO) has reported that the federal government’s total debt, borrowed from the US public through, for example, bonds was 21 trillion at the end of 2020 and was 100% of the national gross domestic product (GDP: The total value of our nations goods and services).

Fortunately our nations’s founders gave us the means to amend the constitution through action of state legislatures. Unless we act quickly the people in the White House and those running Congress may bankrupt America.

Ray Freeman

Palmdale