National Debt Is Still the Biggest Threat to Our National Security (How much is too much?)
National Debt Is Still the Biggest Threat to Our National Security
Dr. Ileana Johnson Paugh
Friday, November 30, 2012
“An unlimited power to tax involves, necessarily a power to destroy, because there is a limit beyond which no institution and no property can bear taxation.” – John Marshall
Americans are in denial about the simple fact that our national debt is the biggest threat to our national security. National debt grew exponentially from Washington’s profligate deficit spending, recessions, and wars.
Our national debt has exploded in the last four years. During President Obama’s first three years in office, it grew by $4.7 trillion, an increase of 45 percent. (factcheck.org)
Our current policy seems to be putting pressure on the U.S. dollar until two options remain – default on the U.S. debt, or monetizing it by printing more money. If we default, as in any case of bankruptcy, creditor nations would demand payment in American assets – our oil fields, mines, land, parks, monuments, buildings, military bases, and even the indentured servitude of generations of taxpayers.
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