Tuesday, April 12, 2011

14.2 Trillion National Debt & Counting

 Suppose you spend more money than you brought in. You might use your credit card to cover the difference. The next month it happens again and you use your credit card again.This is called a deficit. Eventually you would cut back your expenses so you would not have to keep borrowing. Well the Federal Government has been spending more than it brought in for over 500 months straight. That's right since 1969 we have been running deficits. The national debt in September of 2000 was 5.7 trillion dollars. The current national debt is a staggering 14.2 Trillion dollars! The national debt has almost tripled in the last decade. President Obama has added over 4 Trillion of debt to that amount in his little over two years in office. He has spent more than any President in history and in a shorter amount of time. His debt increase is unprecedented in the history of the world. It took President Bush for example almost his entire two terms in office to add that much to the national debt. One Trillion of that debt was added in the last few months of his time in office to try to offset the pending global economic depression. If left unchecked the Federal Government will not even be able to pay the interest on the national debt. Some say tax the rich more to bring down the deficit. The total worth of all billionaires in America in 2010 was $1.3 Trillion. If the government confiscated all their net worth and used it to bring down the deficit it would not be enough, and then what would you do the following year? The treasury department has the third largest expense in the Federal Government (that expense consits mostly of paying the interest payments on the National debt), only the  Defense Department and entitlements are more.  The government can not provide anything to anyone without first taking money from someone. We need to drastically cut federal spending and now. "There is no such thing as government money - only taxpayer money" William Weld.  One more quote " A politician cannot spend one dime on any spending project without first taking that dime from the person who earned it. So, when a politician votes for a spending bill he is saying that he believes the government should spend that particular dollar rather than the individual who worked for it " Neal Boortz.

Related Links:
CBO Economic Implosion 2037 
CBO Predictions Motivation for Lawmakers? 
CBO Model Predicts Crash of US Economy in 2037 
Common Sense Budget Proposal

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