It's still a problem and not getting better. What is the Congress and the President doing about it? Ummm, nothing... Well, that's not true. They're busy pointing fingers and wringing hands, worried about default on debts owed. They 'need' to raise the debt ceiling to pay all of the obligations and promises they've made--of course then they could go on business as usual.
Nobody has a plan, except the Republicans in the House of Representatives. Everyone else in the government seems to have an opinion but nothing concrete or constructive. Sniping and trying to make themselves look good. Theoretical plans that will cut the deficit by a couple trillion dollars--plans that extend ten years into the future. Promises of cuts way out then. Those cuts will happen--ummm, right.
Does anyone see a problem with, after paying all of the entitlements such as Social Security, Medicare and Medicaid, and then paying the interest owed on the National Debt, there is basically no tax revenue left to pay for anything else? Thus, to pay for/fund anything else the U.S. Government has to borrow money? For the military, for the FBI, for road repair?
For every dollar spent, the U.S. Government borrows 40 cents (there is some debate on the exact amount, but this appears to be close). If the government doesn't raise the debt ceiling, then they can only fund 60% of what they've 'budgeted.'
If our Representatives in Congress and the President don't do something soon to stop the spending--yes, actually reduce spending (you cannot raise enough taxes to cover all of the spending), this house of cards is gonna collapse. Won't that be pretty?
Get some guts, folks. Step up and tell the citizens: "We're broke...even worse, were in debt big-time and sinking further. No, you cannot have all of the goodies we promised. Even if we tax every rich person in the country, take every penny their earn above, say $250,000, we'll still not collect enough money (and won't that taxation plan do wonders for the economy). Everyone will have to tighten their belts. Everyone."
In the end we can only grow the economy to get out of this, but stemming the tide of spending is the first step to that happening. Maybe look at adjusting taxes after cuts are made. At least that's the way I see it.
|The Gross National Debt|
Note: At 4:40 pm EST on 7/22/11When this blog article was posted, the debt totalled: $14,412,536,802,223