The National debt of the United States of America is well past 16 Trillion Dollars as of this morning. We see the image of the National Debt clock on the television screen so often that we have become desensitized to what it really means.
The end of the world will not happen on Friday December 21, 2012 in a physical sense, but for Americans the end of the world Fiscally, may be just around the corner.
We cannot sustain the massive amount of debt we have accumulated much longer. For all practical purposes, our country is bankrupt and will reach the point of unsustainable debt in the very near future.
Many experts have stated that by 2020, our National Debt will be close to 25 Trillion Dollars. This huge number is allowing for very positive projections in government revenue of about 2.5 Trillion per year currently, to almost 5 Trillion a year by 2020.
A more likely scenario is that our revenues will be substantially less than these projections and our National Debt will be close to 30 Trillion Dollars by 2020. The current interest on this debt is 1.5 Trillion per year, which is more than 60 percent of our current yearly Government Revenues. If this trend continues then by 2020, all entitlements would cease and the United States government would be Bankrupt and unable to sustain itself.