The Super-Hegemon Bleeds Red Ink -- we're bankrupting our children!

October 14, 2003

By Paul Craig Roberts



A child born in America today is $124,000 in debt the moment he draws his first breath. The newborn’s inherited debt grows daily. Upon reaching working age, an enormous debt awaits.



How does a newborn get into debt prior to having a mortgage, credit card and car payment? Easy. Government assigns each newborn child a share of its debt. $24,000 is the newborn’s share of the accumulated $7 trillion federal debt. $100,000 is the newborn’s share of unfunded Social Security, Medicare and veterans’ health care benefits.

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Mr. Walker notes that as bad as it is, our per capita debt burden is about to become immeasurably worse. “In less than 10 years, the US will be hit by a huge demographic tidal wave that is not expected to ever recede! This is unprecedented in the history of our nation.”

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Moreover, Iraq is merely the down payment on the Bush administration’s plans to reconstruct the entire Muslim Middle East. Neoconservative Bush administration officials are working with Israel to spread the war into Syria, Lebanon and Iran. If they succeed in their intentions, taxpayers will be facing near term costs of $1 trillion at a time when the annual budget deficit is already $500 billion....


http://www.vdare.com/roberts/debt.htm
(edited to provide link)
Paul Craig Roberts is the author with Lawrence M. Stratton of The Tyranny of Good Intentions : How Prosecutors and Bureaucrats Are Trampling the Constitution in the Name of Justice.

We are in some serious debt -- what are the neo-cons up to -- are they trying to totally dismantle government -- at the rate they're going we won't even be able to afford a military much less social programs.