OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Unsustainable Debt

Date: July 21, 2009
Location: Washington, DC
Issues: Government Budget and Spending

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Mr. SMITH of New Jersey. Mr. Speaker, it was Albert Einstein who said that ``the most powerful force in the universe is compound interest.''

That's great, Mr. Speaker, when compound interest is working for you--in building a nest egg for your children's college costs or for retirement. But when compound interest is working against you, it's catastrophic.

It is absolutely devastating, especially for a Nation on the intermediate and long term, when that Nation recklessly spends taxpayers' money and causes huge, unsustainable deficits.

As of June 30, the national debt was $11.5 trillion--over $37,000 per person. In June alone, the deficit rose by over $220 billion, a year's worth of deficits in 1 month! Now CBO says that the number, the total debt to the United States, will double in the next 10 years. It took 180 years for us to get to that $11.5 trillion. Under President Obama's massive spending it will double in just 10 years. Nothing puts our economy at greater risk of implosion and job loss than unsustainable debt.

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