National Debt 101

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:Glenn