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Article: MOUNTAINS OF DEBT: ; Rising debt might become next crisis
- Article from:
- Charleston Gazette
- Article date:
- July 4, 2009
- Author:
CopyrightCopyright 2009 Charleston Gazette. Provided by ProQuest LLC. (Hide copyright information)
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WASHINGTON - The Founding Fathers left one legacy not celebrated
on Independence Day but which affects us all. It's the national
debt.
The country first got into debt to help pay for the Revolutionary
War. The debt stands today at a staggering $11.5 trillion -
equivalent to over $37,000 for each and every American. And it's
expanding by over $1 trillion a year.
The mountain of debt easily could become the next full-fledged
economic crisis without firm action from Washington, economists of
all stripes warn.
"Unless we demonstrate a strong commitment to fiscal
sustainability in the longer term, we will have neither financial
stability nor healthy economic growth," Federal Reserve Chairman Ben ...