Importing oil, money hurts U.S.
Q.What is your greatest concern for America's financial future?
A. On a national basis, the two worries that rise to the top of my list (among many others) are the twin dangers of our growing dependence on imported oil and on imported money to fund government spending. Even worse, we import both from countries that are not our friends. Here's a quick look at the basics of each situation.
Danger of our national debt
Almost every year, the U.S. government spends far more than it takes in through tax revenues. In the fiscal year just ended, our government spent about $1.8 trillion more than it collected -- a record budget deficit. The sum total of all our deficits, going back through the years, is our national debt. It is approaching $8 trillion dollars. That's money we borrow by selling IOUs -- Treasury bills, notes and bonds.