The Edmond Sun

Opinion

September 7, 2012

New Castle News of New Castle, Pa.: Dubious achievement

NEW CASTLE, Penn. — Congratulations! You’re now $50,000 in the hole. We’re not talking about your mortgage, student loan or some other obligation. This is strictly your share of the national debt, which passed $16 trillion last week.

It’s difficult for the average individual to fathom $16 trillion. It’s a number so huge and so esoteric that it’s rendered meaningless.

But $50,000 per person? That hits home. And the idea of carrying around this extra financial burden will cause the average individual to wince.

While the nation’s debt is constantly paid off, it’s being done by borrowing ever larger amounts of money.  And an increasing part of that spending is the interest that must be paid to cover Washington’s debt. According to the U.S. Treasury Department, interest paid on the debt in 2011 was more than $454 billion. In 2001, it was $358 billion.

Based on history, it’s a figure that’s likely to grow. That’s not necessarily bad — if the spending remains a manageable portion of the nation’s overall wealth and the money spent helps to build the country’s future.

Debt always has consequences. America needs to work to reduce its obligations.

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Poll

Are you concerned about the NSA’s secret data mining operation known as PRISM that gathered countless U.S. telephone calls and emails by U.S. citizens?

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