Rising Mountain of Debt

We have posted much in the past about the unsustainable amount of debt that the U.S. is growing...and it shows no signs of slowing down. On the contrary, it is increasing at a projected rate of over $1 trillion per year.

Interest payments on the debt alone cost $452 billion last year — the largest federal spending category after Medicare-Medicaid, Social Security and defense. It's quickly crowding out all other government spending. And the Treasury is finding it harder to find new lenders.

Remember that as of April 10 of 2009, the U.S. Government spent all the money they are hoping to take in through December 31, 2009. That means that as of April 11 of this year they were totally reliant on borrowing from other countries to keep our services running....and they are finding it increasingly difficult to find new countries that want to lend us more.

So what options does that leave us? We don't want to know the answer. Think of it this way; if you were personally spending $300,000 per year on all the stuff you wanted but were only making $50,000 per year...how many things would you have to cut from your lifestyle if you abruptly had to start living on $50,000? It would be near impossible....especially if your credit card payment was $40,000 per year. Try living on $10,000 after being used to living on $300,000.

Read full article here; http://www.cnbc.com/id/31723265

It may be that the hardships that are coming for America will bring people back to God...which would be an eternally good thing considering we have been worshiping wealth....which we are now realizing was all borrowed from someone else.