Increasing national US debt positioned to drown next generation

According to the Lariat (Baylor University) the United States is beginning to drown in our national debt. Many people don't understand the implications of the debt crisis, but it will drastically impact the lives of all Americans in the near future.

According to the National Center for Policy Analysis:
 

• By 2012, the government will not have the tax revenue to perform 10 per cent of what it is doing now.
   
• By 2030, the government will have only enough taxes to perform 50 per cent of what it's doing now.
   
• In 2050, when we get ready to retire, the government will no longer be able to afford anything but paying back debt to foreign countries.
  
  This means that Social Security and Medicare very likely will be gone, even though we have paid into it for our entire lives, says the Lariat.
  
  Our economy is beginning to show the early signs of a catastrophic meltdown. Our representatives in Congress need to tighten their belts and so do we, says the Lariat.
  
  Source: Michael Jones, Increasing national debt positioned to drown next generation, The Lariat/Baylor University, March 25, 2009.
  
  For text: http://www.baylor.edu/lariat/news.php?action=story&story=57397
  
  For study: http://www.ncpa.org/pdfs/st315.pdf
  
  For more on Federal Spending & Budget Issues: http://www.ncpa.org/sub/dpd/index.php?Article_Category=25
  
  FMF Policy Bulletin/ 31 March 2009