Much has been written about the fact that many American homeowners are under water. This simply means that they owe more on their mortgages than their home is worth.

Interestingly, the United States economy is also under water. Our national debt of more than $16 trillion, for the first time, is greater than our gross domestic product.

When a homeowner finds him- or herself in this dilemma, he or she has a difficult time borrowing money, and it affects virtually everything in his or her life.

Why are we surprised when our credit ratings are downgraded, which will once again occur sooner than later? The Federal Reserve will no doubt do its best to ameliorate our financial status by printing money that progressively is of less value.

It is important for "We the Peopleā€ not only to have a basic understanding of our personal financial status but to understand the fiscal polices and severe implications of government actions. Without such common sense it will be highly difficult to evaluate statements made by politicians who depends on ignorance by the people to sell their continuous financial lies.