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Thursday, March 24, 2011

postheadericon Future shock inevitable from foreign-owned U.S. debt

In the 1986 ad known as “The Deficit Trials,” a young prosecutor speaks on behalf of a poor, tattered generation that by 2017 has suffered the consequences of failing to address what was then a $2 trillion national debt. Today, at $14.3 trillion, or $45,800 for every man, woman and child in America, Washington continues to put off the tough decisions necessary to solve the rapidly growing problem.  

Greeting members at home in their districts this week is a powerful ad by Citizens Against Government Waste, airing nationally on a host of cable networks. The “Chinese Professor” ad pays homage to “The Deficit Trials,” warning about the potential results of continuing down the current path of excessive spending and borrowing. It will not just be a lower standard of living for future generations. The Chinese, who own the largest foreign share of U.S. debt, will have the! American people “working” for them.

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