According to the Associated Press, the federal government estimates our federal budget deficit at $1.42 trillion. As the AP states, "It’s more than the total national debt for the first 200 years of the Republic, more than the entire economy of India, almost as much as Canada’s, and more than $4,700 for every man, woman and child in the United States. It’s . . . more than three times the most red ink ever amassed in a single year."
This, of course, is only one year's red ink. We have a federal debt (i.e., accumulated over the years) of trillions of dollars. History has shown that nations with out-of-control debts and deficits are subject to hyperinflation, overtaxation, or fiscal breakdowns. Governments desperate for revenue and debt reduction overstep their constitutional boundaries and imperil the unalienable rights of citizens. We must tread carefully, or our economic - and political - demise will only become inevitable.