Another really encouraging article...
"Economic forecasters say future generations of Americans could have a substantially lower standard of living than their predecessors' for the first time in the country's history if the debt is not brought under control.
Government debt, which fuels the risk of inflation, could make everyday Americans' savings worth less. Higher interest rates would make it harder for consumers and businesses to borrow. Wages would remain stagnant and fewer jobs would be created. The government's ability to cut taxes or provide a safety net would also be weakened, economists say."
"Ultimately, analysts say, solving the debt problem will likely require both tax hikes and spending cuts, along with broader structural reforms of the way government operates.
"Habitually spending more money than you make is irresponsible," said Walker. "Irresponsibly spending someone else's money when they're too young to vote or not born yet is immoral."
Future generations of Americans will largely foot the bill for the present financial predicament, economists say.
The United States currently owes over $12 trillion to its debtors Ė that's more than fifteen $787-billion economic stimulus packages worth of cash. Divided out, each American bears a $40,000 share of the country's tab."