January 3, 2013
For some reason I don’t feel much like celebrating when the last-minute deal struck by congress to supposedly help put the nation’s financial house in order will in reality add about $4 trillion to the federal deficit over the next decade—and will add $41 in taxes for every $1 cut in spending.
So how did we get into this mess?
Consider a few facts:
- The U.S. government is like a family with a $21,700 annual income spending $38,200 a year, with $16,500 of that put on credit cards—when the family already owes $142,710 on those credit cards!
- The U.S. government currently borrows 40 percent of all that it spends. That means it borrows and spends $10.4 billion each day, $433 million per hour, $7.2 million per minute, and $120,370 per second! (And this isn’t all that it spends—merely what it borrows to spend.)
- For four consecutive years the federal government has amassed a trillion-dollar deficit. It took the United States 200 years to accumulate its first trillion dollars in debt. Now it takes about 10 months!
- We have already spent the money that will be paid in taxes by the next generation of Americans, and more—stealing wealth from them to maintain our standard of living through massive borrowing.
- Each American’s share of federal government debt is about $45,000—and expected to grow to almost $75,000 by 2020, only seven years away.
- Shocking as these figures are, they in fact vastly underestimate the scope of the problem. When we factor in unfunded liabilities—the amount needed to fully fund government promises for Social Security, Medicare, military and government employee pensions and health care, the real debt load then jumps to five to ten times the $16 trillion current deficit! And that doesn’t even include similar unfunded liabilities for the 50 individual states and hundreds of American towns and cities.
The fact is, America has already run off the fiscal cliff. The real question is, how long until we hit bottom?
But again, how did we get into this mess?
You need to understand the answer. You may be surprised to learn that it was foretold several thousand years ago in the pages of your Bible!
You need to understand what’s prophesied to happen to America, and much of the rest of the Western world. More importantly, you need to understand why.
That’s why we call The Good News “a Magazine of Understanding.” We want to help you make sense of this world that’s rapidly changing around us. And the keys to understanding that are found in the Bible.
We hope you’ll carefully read the articles in this next issue, which is dedicated to the crucial question of “Where Does America Go From Here?” You need to know! Your issue should be arriving in your mailbox any day now (if it hasn’t already). Or you can preview and download it here.
Either way, you need this crucial information!
Scott Ashley—Managing editor, The Good News