About the National Debt/Deficit
About the National Debt/Deficit
Our nation’s debt/deficit is skyrocketing to staggering amounts that will be around for decades to come. As of now, the nation debt is at $11.5 trillion and the national deficit is $1.1 trillion. Since taking office in January, President Obama has more than doubled the deficit and is on track to add at least another trillion to the debt. According to experts, President Obama has increased the national debt/deficit faster and at a greater amount that all the previous presidents before him, COMBINED. Many people throw around the numbers and estimates of both casually, but it is important for all of us to understand because we all have a stake in the success or failure of our country.
The national debt is the total accumulation of all the money that we owe to our “creditors.” These are various international banks and especially the Chinese who own more of our debt than anyone else. The national deficit is the yearly budget amount that we are short after we are done spending on the various government programs. Looking at the pace that the U.S. government has been spending, especially recently should raise the concerns of everyone. The $700 billion bailout, the $787 billion stimulus, and the $1 trillion proposed national healthcare system are all prime examples of legislation that contribute to our fiscal problem.
The economic downturn that we are currently in is not being made better by our own government’s massive irresponsibility. In order to achieve both an economic rebound and an end to wasteful government spending, a fiscal conservative policy must be adopted to stop the hemorrhaging of money and to reverse the course that we are on. If we do not do this, it will be our children and grandchildren that will be left paying for the mistakes that we allowed to happen during our lifetime.
In order to accomplish this, the government must take a number of steps to reduce the debt/deficit:
1) Ban pork barrel spending. It is a small piece of the puzzle, but it does add up over time.
2) Cut wasteful spending on welfare programs that are frequently abused by those scamming the system. This could end up saving us billions of dollars.
3) Keep the tax rate low to encourage people to spend more money in order to stimulate the economy because this will ultimately lead to more money for the government.
4) Pass a balanced budget amendment; forcing the budget to meet the revenue we take in every year, this will at least freeze the deficit where it is.
5) Put a hold on any further massive expenditures, until all the money to pay for it is accounted for and the national debt begins to go down. An example of this is the healthcare reform bill currently being constructed.
If these simple steps are followed, our fiscal situation will improve dramatically and we can begin the process of fixing the problem. Our national debt/deficit should be a top concern for Americans because in the end, all of our futures are tied to it.
- Center-Right America
- US Government Spending As Percent Of GDP in United States 1903-2010 - Federal State Local
- Welcome to FedSpending.org
- Ten Reasons to Get Government Spending Under Control - Right Wing News (Conservative News and Views)
Right Wing News is the best source on the net for conservative news, views, & interviews.
- Federal State Local Government Spending in United States 2007 2008 2009 2010 2011 - Charts Tables
- The Impact of Government Spending on Economic Growth
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