The United States is facing an urgent financial crisis that threatens our fiscal and economic stability. Our government is currently borrowing about 50 cents for every dollar we spend. Medicare is already paying out more in benefits than it collects in taxes and Social Security is expected to do the same in less than five years. The individual share of this year�s deficit for every American is $3,500 - by the fall that share will approach $6,000. The national debt currently stands at $11.5 trillion, costing every American $37,600. The total unfunded liabilities for the United States are $60.6 trillion, which exceeds the total net worth of America. Paying off this liability would require every American to write a check to the Treasury Department for $198,000. ...We must put a stop to the spending spree in Washington. The best way to stimulate the economy is to cut taxes and spending drastically.
Graph at top courtesy John Rutledge
, who was my professor at Claremont Graduate School for about two hours before joining the Reagan White House in 1981.
Labels: economics, it's the spending stupid, taxes