U.S. Debt Reaches $15 Trillion
We knew this day was coming, but now that it’s here we need to look at how we got here.
There is plenty of blame to go around. Many still want to blame former-President George W. Bush, and yes, he added $4.899 trillion dollars during his term of eight years, but President Obama has added $4.375 trillion in just 34 months. He’s on track to add more to our debt in just about three years than Bush did in eight.
President Obama can’t keep blaming everything under the sun for such spending either. The trillion dollar healthcare law wasn’t a dire emergency (though if may create one!) and the trillion dollar stimulus didn’t even come close to delivering what it promised. The federal budget has increased dramatically every year since this President came into office, and his aversion to containing spending is driving us to a European future.
America needs to wake up and realize that $15 trillion is no small number. To put this in perspective:
- Our national debt is now 99.8% of our gross domestic product, (i.e our entire economy)
- We are spending 46.5% of our GDP each year (that includes federal, state and local governments)
- Our federal budget deficit is currently $1.3 trillion
- Each taxpayer’s share of the debt is $133,361.
There is a lot of talk going around about income inequality – it’s the new buzz word. There are some who think that all of our problems could be solved by bringing people down, not lifting people up. But think about this: Bill Gates’ net worth is $56 billion. Our national debt is 268 times greater than our richest citizen’s net worth. Not only can we not tax our way out of this problem, trying to do so would lead us to economic ruin.
We need to cut spending. Plain and simple. Until we ask for less handouts from our government, we will continue to careen towards disaster.