Friedemann Schmidt

National debt threatens our future

Our $18 trillion debt makes a myth of the United States offering fair chances for everyone

Under the presidency of Ronald Reagan, the United States turned within four years from the biggest creditor nation in the world in 1981 to the world's largest debtor in 1985. Supported by numerous foreign assignments of the U.S. armed forces, the public debt increased constantly, reaching $18 trillion in recent years.

This is a very serious issue for the United States, not only because it deepens the dependence on creditor nations like China or Saudi Arabia, which neglect values like freedom and equality, but also it directly affects everyone.

In 2013, the interest payments of the U.S. public debt made up 6 percent of the federal budget, excluding an actual debt reduction. With a steadily growing budget deficit, primarily due to outrageous defense spending, that figure will form an even-larger part of the annual budget plan.

* * *...

Read More