This morning I woke up to the disconcerting news that our national debt had attained an ominous level: $40 trillion dollars (that’s $40,000,000,000,000). Sure, it sounds like a lot of money, but what exactly does that portend for us, our children, and our grandchildren?
Lots of bad things, as it turns out. Apparently, the United States can bury itself in debt just as individuals can. What happens when we as individuals find ourselves drowning in debt?
Our credit rating drops because we can no longer be trusted with fiscal management. So too the United States.