Going Bankrupt: Why the Debt Crisis Is America's Greatest Threat

AlterNet by Chalmers Johnson | Jan. 23, 2008 (Special Report)

Some of the damage done can never be rectified. There are, however, some steps that this country urgently needs to take. These include reversing Bush's 2001 and 2003 tax cuts for the wealthy, beginning to liquidate our global empire of over 800 military bases, cutting from the defense budget all projects that bear no relationship to the national security of the United States, and ceasing to use the defense budget as a Keynesian jobs program. If we do these ... Full Story »

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by Jim Filby - Oct. 1, 2008

The premise here is that debt is America's greatest crisis. I happen to agree with that view, however this story misses this mark. The data in the story is factual and is well researched. The problem is that the author is hung up on the military spending and tax cuts for the rich which are admittedly bad things. But these two things alone are not the source of all the debt issues we have facing us as a country and the author ignores that. If we cut military spending today, and taxed the hell out of the "rich", we still would have a mountain of debt to cover. The author is so sure of the target of his ire, that he misses the big picture completely, and for that he recieves an "F".