The United States imports more goods and services than she exports. This statement infers that US citizens are spending more than they earn and have to rely on foreign capital inflows to fund consumption. What is the accumulated debt of the United States at this second? Follow this link.
Whether you want to argue that the debt belongs to the current generation or the future, is beyond me, but the numbers are eye-popping. Let's put a billion into perspective. This stat is from a reader's email.
A billion seconds ago it was 1959. A billion minutes ago Jesus was alive. A billion hours ago our ancestors were living in the Stone Age. A billion days ago no-one walked on the earth on two feet. A billion dollars ago was only 8 hours and 20 minutes, at the rate our government is spending it.