Our Debt Burdened Economy

Each American owes over $170,000 in government debt, and it is growing daily. The interest is compounding just as entitlement spending is skyrocketing. More Americans are reaching the age to collect Social Security, and more and more are added to other entitlement programs. The Fed is holding the interest rate below 1%. What happens if the interest rate goes up even a little? How will we pay the compounding interest and the increased entitlement spending? I hear some say that we could just inflate away the debt by having the government print more money. If we could do that, we would be steeling from everyone who has savings, because the money they have saved would be worth less. The real problem is that the government does not create money and spend it into existence. If it did that, the government would not have a debt. The real problem stems from the fact that the privately owned Fed creates the money and loans it to the government. Then the people are taxed to pay interest on the debt. The only way new money comes into existence is by being loaned into existence at interest. Therefore when new money is created the government and the people just get deeper and deeper in debt. It does not matter what political party is in control, the cycle of endless inflation and recession must continue to accelerate until we change the system.