Debt Repayment Obligations

Debt repayment obligations become ours from our government’s borrowing and spending. Promises for the future make new debts that fall to our children and grandchildren.

Debt Repayment Obligations

Debts become due—lest we forget.

Our country (meaning us—you and me) owes many trillions of dollars. This is a legitimate debt, we borrowed it and we owe it—and this bondage requires payment.  We (our Government) borrowed this money from the legal owners and we spent it. Billions of this is borrowed from the U.S. citizens with the legal obligation of repayment.

Printing New Money

Our government recently printed a few trillion dollars. Each of these printed dollars is another dollar of debt that is an obligation on you and me.

We built bridges, waged wars, and spent money on welfare and other social programs. Even today we spend billions supporting our friends and enemies. Trillions of more dollars became legitimately obligated (promised) as pensions. Our children and grandchildren must meet these obligations.

We govern our country by the rule of law. To satisfy the debt, the World Bank may one day choose to legally seize the assets of our country. Over 150 third world countries control the U.N. They are not always our friends.

If we default and go into bankruptcy, our bridges, highways, military equipment, and airports become real collateral. These might be seized to satisfy our debt. This is scary—very scary.

Chicago’s Compromise

The city of Chicago recently leased (sold) their highway network for a couple of billion dollars so that they can continue on their wild spending—at least for some limited period of time. The foreigners now collect the tolls.

We can only kick the can down the road for so long.

As we muddle our way into the future, and keep demanding more from our government than we want to pay in taxes, we must remember that there comes a time when the music stops and we must pay the fiddler.

Ask Not For Whom the Bells Toll