Difference between revisions of "National Debt 101"
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{{Article | {{Article | ||
|HasCategory=Debt | |HasCategory=Debt | ||
| + | |HasSummary=Our Government has not done well at financial management and we are in deep financial trouble. As of May 19, 2013, when our debt limit was reached, we owed an unprecedented $16.7 trillion – larger than the entire U.S. economy, as measured in gross domestic product (GDP). It is clear that we must increase our income, cut our spending and start paying off our debt. | ||
| + | Our Government is supposed to operate on an annual budget. But, for a couple of years we operated without a budget, then, in 2014, a budget was adopted that actually showed a reduction in the national debt - but it is projected to increase again soon. | ||
| + | Everybody would agree that we should start by cutting waste but, one man's waste is another man's pet project. So, it's an ongoing debate within the government. | ||
| + | To make matters worse, politicians take advantage of their power in order to be reelected – in many ways. Our President and many in Congress are willing to simply increase the debt limit and continue out-of-control government spending. | ||
| + | But, solving this debt issue is essential for our future. | ||
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|HasArticleText=As of May 19, 2013, when our debt limit was reached, we owed an unprecedented $16.7 trillion-larger than the entire U.S. economy as measured in gross domestic product (GDP). We, as a nation, were earning 16 trillion per year at the time. This debt is paid using the government's income - which is primarily taxes collected - not the nation's income - GDP. To put this in perspective, let's look at the dilemma that a typical family with the same financial situation would have. | |HasArticleText=As of May 19, 2013, when our debt limit was reached, we owed an unprecedented $16.7 trillion-larger than the entire U.S. economy as measured in gross domestic product (GDP). We, as a nation, were earning 16 trillion per year at the time. This debt is paid using the government's income - which is primarily taxes collected - not the nation's income - GDP. To put this in perspective, let's look at the dilemma that a typical family with the same financial situation would have. | ||
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Many of our leaders are willing to simply increase the debt limit and continue out-of-control government spending. But, solving this debt issue is essential for our future, and it is a very tough and complex problem. You can get a more in-depth understanding of the debt problem and a suggested approach - Saving the American Dream - at the [http://www.heritage.org/research/reports/2011/05/saving-the-american-dream-the-heritage-plan-to-fix-the-debt-cut-spending-and-restore-prosperity Heritage Foundation website]. | Many of our leaders are willing to simply increase the debt limit and continue out-of-control government spending. But, solving this debt issue is essential for our future, and it is a very tough and complex problem. You can get a more in-depth understanding of the debt problem and a suggested approach - Saving the American Dream - at the [http://www.heritage.org/research/reports/2011/05/saving-the-american-dream-the-heritage-plan-to-fix-the-debt-cut-spending-and-restore-prosperity Heritage Foundation website]. | ||
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|HasAuthor=Jeff | |HasAuthor=Jeff | ||
|HasArticleDate=2014/04/07 | |HasArticleDate=2014/04/07 | ||
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Revision as of 15:50, 10 April 2014
Our Government has not done well at financial management and we are in deep financial trouble. As of May 19, 2013, when our debt limit was reached, we owed an unprecedented $16.7 trillion – larger than the entire U.S. economy, as measured in gross domestic product (GDP). It is clear that we must increase our income, cut our spending and start paying off our debt. Our Government is supposed to operate on an annual budget. But, for a couple of years we operated without a budget, then, in 2014, a budget was adopted that actually showed a reduction in the national debt - but it is projected to increase again soon. Everybody would agree that we should start by cutting waste but, one man's waste is another man's pet project. So, it's an ongoing debate within the government. To make matters worse, politicians take advantage of their power in order to be reelected – in many ways. Our President and many in Congress are willing to simply increase the debt limit and continue out-of-control government spending.
But, solving this debt issue is essential for our future.
2014/04/07 User:Jeff
