President Obama’s national debt commission offered a depressing outlook on Sunday to the National Governors Association, saying the nation’s total federal debt is expected to exceed $14 trillion by next year.  That averages to about $47,000 for every U.S. resident.

For an illustration of how that debt has ballooned, see this video from Mother’s Against Debt:


Erskine Bowles, the Co-Chairman of the Committee along with former Senator Alan Simpson, said “this debt is like a cancer” and that “it is truly going to destroy the country from within.”

These are sobering words which frankly should scare the crap out of every single American citizen.  Simpson explained that the entirety of the nation’s current discretionary spending is consumed by the Medicare, Medicaid and Social Security programs and that “The rest of the federal government, including fighting two wars, homeland security, education, art, culture, you name it, veterans, the whole rest of the discretionary budget, is being financed by China and other countries.”

China currently holds $920 billion in U.S. IOUs.

Are any of Washington’s big spenders listening to this?