According to Americans for Limited Government, "Right now, although the budget deficit will be about $1.2 trillion this year, the nation's full borrowing obligations will be more like $1.45 trillion once certain off-balance sheet items are taken into account. However, the economy is only growing at an annualized pace of about $570 billion.
This demonstrates clearly that we do not have a revenue problem, we have a SPENDING problem. Read more here.
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1 comment:
What scares me most is the steepness of the rise in debt/GDP. What's more it shows very little inclination to flatten out. All this has occurred since Obama. At this rate public debt will equal GDP in less than two years. When your debt exceeds your economic output it's called bankrupcy. When China forecloses on us and starts seizing property I hope they start with the White House.
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