Fiscal Policy

    Reduce the national debt

    The US National Debt stands at $6.23 trillion as of November 5, 2002, and is growing at approximately $1 Billion per day.  That works out to $21,700 for every man, woman, and child in this country. Each day, the government spends about $3.80 more per citizen than it receives through taxes and other revenue.  That's an extra $1300 spending a year for each citizen of this country.  During the past two decades, our government has consistently overspent, and there is no sign of this changing.  This crushing debt load will consume more and more of available revenues as time goes on, limiting our government's ability to pay for current programs and responsiblities, let alone future ones. The interest that was paid on the debt in the last fiscal year alone was more than $332 billion, or about $1150 per citizen per year!

But what about the surpluses we were running? Even when we were running 'surpluses', the national debt was increasing.  How is this?  Through gimmicky accounting -- the Federal government has been sucking the Social Security Trust Fund dry, leaving IOU's.  If corporations did this, their directors would be jailed.

What is the solution? Austerity, plain and simple. We must start paying down the debt, not adding to it. Is the solution to raise taxes?  NO!  That would let our government spend even more.  The solution is to shrink the size of the government.  Government spending now accounts for 40% of the economy, squeezing the productive private sector.

    Debt as a % of GDP

United Kingdom                    38-45 %

United States of America       38-45 %

Germany                              70 %

Canada                                75 %

Italy                                    100 %

Japan                                  140 %

Find out more about the National Debt through these links:

    The Debt To the Penny      Here's the official information from Bureau of the Public Debt.

    U.S. National Debt Clock    The amount that the US Federal Government owes, updated each day.

    Grandfather Federal Government Debt Report by MWHodges    This site discusses the Federal debt with easy to understand graphs.

    Think the problem is limited just to the Federal government? Think again. The consumer has long been hailed as the pillar that holds up the economy. Unfortunately, that pillar is showing signs of cracking. The reason?  The American consumer is increasingly being pressured by high consumer debt.

    The total American debt (Federal, State, Local, consumer debt, etc.) is now at $32 trillion. To find out more, check out this link:

    America's Total Debt Report - by MWHodges