The U.S. government's debt is growing so large, it's no longer just an embarrassment -- it's becoming a threat to one of history's greatest success stories: the American way of life.
People have always accused government of being out of control, but that was before the latest wild leap in government debt and deficit.
Tim Phillips, head of Americans for Prosperity, points out the entire economic output of America is around $13 trillion a year, but the federal debt "could reach $2 trillion this year alone."
That means that by next year the share of federal government debt for each American family of four will be $160,000.
In addition, there's so much mismanagement by the politicians, it's about to become a crisis as is the case with Social Security:
"Within two to four years, it will probably be taking in less money than it puts out in benefits," Phillips said. "And since they've spent all the money in the supposed lockbox that Al Gore famously talked about, it's not there now."
Phillips added that politicians who created this crisis are now creating a trillion dollar reform of health care that creates "51 new agencies, on top of the hundreds and hundreds of agencies we already have that deal with health care, 51 brand-new ones."
In his new book National Suicide, investigative reporter Martin Gross describes one particularly large example of waste and out-of-control spending: the welfare programs that cost roughly $700 billion a year -- more than Medicare or the military.
That translates into approximately $65,000 for each family under the poverty line. However, what's amazing is with that amount of spending for decades, the number of poor has only grown, not shrunk. It's just one example of government at work.
In addition to National Suicide, Gross has also authored several bestsellers on how Washington wastes billions of dollars and has created a vastly unjust tax system.
On Monday's The 700 Club, Gross talked about his new book and how to veer Washington off its current suicidal course. Click play to watch the interview.
*Originally published October 19, 2009