We are heading toward bankruptcy. Such is reflected in our escalating deficit. The deficit was $8.8 trillion in 2008; today, it has doubled to more than $17 trillion. In 2008, every man, woman and child owed about $30,000 toward the deficit. Today they each owe about $60,000. Our economy can no longer afford such a liability.
We citizens should force reforms to the campaign and election processes; force limits of two four-year terms for the president and each member of Congress; and force the enactment of a practical 15-year balanced budget amendment.
The immediate task for Congress and the president is to declare a state of financial crisis, and pass a budget with austerity cuts on all payments made by the U.S. Treasury, including the salaries and benefits of Congress and the president.
There is a principle in economics that a debt eventually has to be paid, and the sooner the better. Let us hope that at the end of 25 years we will have a manageable deficit.