A bipartisan group of prominent national security figures on Tuesday will call on U.S. leaders to reduce the country's long-term debt, which they consider the greatest threat to the nation's security.
"As individuals who have served the nation in both international and domestic leadership roles, we continue to believe that our long-term debt is the single greatest threat to our national security," the group said in a statement, first obtained by The Hill.
The group warns that federal debt is projected to climb to 131 percent of the nation's GDP over the next 25 years.
Read more ....
Update: Growing Debt Threatens US National Security: Defense Leaders (Martin Matishak, Fiscal Times)
WNU Editor: And they are right .... but since the full impact will only be felt years from now .... no one besides these experts really cares.
2 comments:
Nowww..... they come out and say this.
I think it's going to be much sooner than "years" before the full impact is felt. Given the propensity of US officials to overestimate our own capabilities while underestimating those of adversaries coupled with the propensity of such people to present an overly rosy view of any challenging situation, I think it reasonable to assume the problem is much more dire than they are letting on.
Essentially the US $ is going to lose it's role as world reserve currency during the next administration assuming the nation's enemies do not do something worse before this happens. The loss of the dollar as world reserve currency cannot be prevented.
The main question is will it be a "hard landing" or a "soft landing." If managed properly good outcomes for America are still possible. If I were POTUS I'd have Treasury and others in ths US govdrnment working on the transition as it's going to happen within the first term of the next POTUS whether he/she likes it or not.
Earnest negotiations with Russia, China, and other major powers are probably in order. The sooner we get to it the better. Time grows short.
Post a Comment