Legacy of Perpetual Debt - Updated 11/25/2010
Legacy of Perpetual Debt
The Legacy of Perpetual Debt is a comprehensive revision and expansion of an article by the same name published on http://www.Debtism.com in 2005.
The acceleration of US National Debt and Unfunded Social Obligations by the US government has resulted in an exponential explosion of total US liabilities.
Absent immediate change of fundamental tax and welfare laws, the impending US Debt Bubble is headed for an inevitable explosion. A total of $100 trillion in in National Debt and unfunded Trust Fund Obligations is rapidly approaching. Interest on that amount at a reasonable average annual rate of 4.7% is $4.7 TRILLION.
$4.7 TRILLION is approximately double total annual US government tax revenues. To alter the course from Debtism back to laizze faire capitalism, fundamental tax and welfare laws must be changed now or the American Dream will vanish forever by the majority of US tax paying citizens.