Not One More Red Cent
Its time to declare war on our debt
There are many dangers of soaring national debt
Debt can be a useful tool for government, businesses, and families, but too much debt can create serious economic difficulties, even threatening the enduring prosperity of a nation.
It is insane to think that we can borrow and spend our way into prosperity. If you want join us in demanding sanity in government, then show your solidarity with our cause by wearing a Red Penny lapel pin
How about the Debt in other areas of our life?
Personal Debt Levels
Are at record levels across the US
Household debt is defined as the amount of money that all adults in the household owe financial institutions. It includes consumer debt and mortgage loans. A significant rise in the level of this debt was a cause of the U.S. and subsequent European economic crises of 2007–2012.
Local and State Governments
Problems no one is talking about
Explicit state and local government debt is in the neighborhood of $3 trillion, and unfunded retirement obligations add a similar amount. The sum is something like three times aggregate income. So, if the obligations were spread evenly, and if politicians were to begin grappling with the problem immediately, this would be a serious but manageable problem. Unfortunately politicians continue to delay facing the issues, and the obligations are not spread evenly, so sporadic state and local governments insolvencies, attempts to wiggle out of retirement obligations, and periodic cutbacks in services, are likely to be with us for the long term.
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