FROM CNN's Jack Cafferty
The national debt has hit a record high of $12 trillion - which translates to about $40,000 for every person in this country.
And what's particularly troubling is the rate at which it continues to grow... increasing by almost 5 trillion dollars during the 8 years of Pres. Bush... followed by another $1.6 trillion increase so far under President Obama.
It's no surprise when you consider all the spending - wars, bailouts, stimulus package, etc. - under the current administration. Also - the recession and record unemployment mean there are fewer tax dollars coming in to offset spending.
But the debt is also costing us big bucks to maintain: the interest alone on the u-s debt in the next decade is expected to be near $5 trillion. And if interest rates go up, and they will at some point, the price will be even higher.
In 2015, the estimated interest due will be equal to one-third of all federal incomes taxes expected to be paid that year.
Pres. Obama has pledged to take "serious steps" to reduce America's debt. Really? When? Maybe after we spend close to another trillion dollars we don't have for health care reform.
And - with a mid-term election coming up next year, good luck getting the politicians to make tough decisions on tax hikes or spending cuts. The only thing they're willing to cut is the taxpayer's throat.
Here's my question to you: How much faith do you have the government will do anything meaningful about the soaring national debt?
Interested to know which ones made it on air?
Greg in Minneapolis
The only way to deal with this problem is to cut spending, which to Congress is like garlic to a vampire. Congress needs spending to survive re-election; and since it is not their money, they go merrily along their drunk-with-power way.
Frank in St. Petersburg, Florida
Outrage over the increase in the debt may make a good topic for a cable show, but it's bad economics. We need to stimulate our economy with more spending to get us out of the worst recession since the Great Depression. Let's learn from history by not yielding to the deficit hawks as FDR did in 1938, which caused a backslide to economic recovery. Only after the economy is fully back and growing can we cut the deficit and reduce the debt, but not a moment before.
Mario in Florida
I have a great idea. Return all our troops we have in 82 countries around the world and we will not only lower the debt, but will show a huge balance. I doubt if you will show this email, Jack.
Mary in Texas
Why doesn't someone stand up and tell us why all the problems exist? Joblessness, huge deficits, etc. The corporations sent our jobs out of the country and got big tax breaks to boot. They moved their headquarters offshore and saved more on taxes. Why do I never hear this fact on the media?
No faith at all. They will hide it, bury it, ignore it, legislate it and pass it on to the next politician who gets elected to the office. In the meantime they are feathering their own nests and, in one case, stocking their freezer.