Mountain of Debt Next Crisis for U.S. -- Higher Taxes, Reduced Benefits Could Be Result
The Commercial Appeal (2007-Current) › July 06, 2009
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Summary
WASHINGTON - The Founding Fathers left one legacy not celebrated on Independence Day but which affects us all. It's the national debt.
The country first got into debt to help pay for the Revolutionary War. Growing ever since, the debt stands today at a staggering $11.4 trillion - equivalent to about $37,000 for each and every American. And it's expanding by more than $1 trillion a year.See the full content of this document
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Mountain of Debt Next Crisis for U.S. -- Higher Taxes, Reduced Benefits Could Be Result
The mountain of debt easily could become the next full-fledged economic crisis without firm action from Washington, economists of all stripes warn.
"Unless we demonstrate a strong commitment to fiscal sus...See the full content of this document
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