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National Debt: US debt: how big is it and who owns it?
Time Magazine says I owe $42,998.12
CNN Money had a response to Time:
Just The Facts covers National Debt:
"As of April 5, 2016, the official debt of the United States government is $19.2 trillion ($19,237,067,126,145). This amounts to:
$59,508 for every person living in the U.S.
$154,407 for every household in the U.S.
106% of the U.S. gross domestic product.
553% of annual federal revenues."
We need to do the old tried and true promise of looking for waste and abuse. I actually plan on doing that! We need to address homelessness and other social issues and I understand that the share of budget to social spending is up since 1960. One thing I propose to do is rescind the 'Bush Tax Cuts': "* As of April 11, 2011, the Congressional Budget Office, White House, and Joint Committee on Taxation have not published a hindsight valuation of the Bush tax cuts with figures for 2010. Per a 2007 Congressional Budget Office projection adjusted for inflation, the Bush tax cuts were slated to have a revenue effect of -$283 billion in fiscal year 2010. This equates to 22% of the reported budget deficit ($1,293 billion) or 8% of the budget ($3,456 billion)."
Someone writes: John Maynard Keynes Was Right (and not for the reason you think)
As a nation, we need to get things fixed, from our crumbling infrastructure, our transportation problems, our care for veterans, our elderly, our homeless, our gun violence in places like Chicago and a long list of other things we need to improve. That takes money.
Step 1: Eliminate Programs and Expenditures we can not afford or need (Federal Department of Education comes to mind)
Step 2: Rescind the Bush Tax Cuts
Step 3: Research ways to cut spending in some areas (Military spending on unwanted acquisitions may be an example of that)
Step 4; Investigate ways to generate more revenue by looking at a different tax structure/system.
Step 5: Challenge Congress to help me cut the rate of our national debt at least 5% per fiscal budget year.
Why? We need the ability to spend money on one-time expenditures like fixing our nation's bridges and dams by reducing what we spend on debt and recurring expenses.
We need to start prioritizing what we need compared to what is nice to have. I choose a home for someone or safer bridge over a shiny new fighter plane. We may have enough fighter planes until another major war breaks out. Our history tells me we can crank out fighter planes when we really need to.
Visit USADebtClock.com to learn more!
November 15, 2017
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