Americans are falling deeper and deeper into debt. The average family has an estimated $10,000 in credit card debt alone. This does not take into consideration the student loans, mortgages and vehicle loans that people are paying on. Is it any wonder that we all panic when the stock market starts to bottom out and our savings are significantly lowered? As unemployment trends upward, many are left worried about the debt that is left over.
Unfortunately, debt is not only an issue for Americans on the individual level. The nation as a whole has a monumental amount of debt that would make our founding fathers roll over in their graves. Under the Obama administration, billions of dollars were spent on a bail out that funded big banks and financial institutions to keep them from closing their doors. Surprisingly, there was no accountability once the checks were sent and so a large portion of the money ended up paying big bonuses to high level executives that didn’t need the money in the first place.
In the mean time, small town America is drowning in debt and now their taxes are rising to pay off the ridiculous deficit created by the leaders in Washington. Newscasters continually argue about who is to blame. Is President Obama the source of our problems? Is it the controversial Nancy Pelosi or the comedic Joe Biden? No matter how you feel about the current administration, we can all agree that the debt is out of hand. It is time to stop the spending and get a grip on our national deficits if we are going to continue as a free and thriving nation.