Our National Debt

When the federal government spends more than it takes in, we have to borrow money to cover that annual deficit. And each year’s deficit adds to our growing national debt.

Historically, our largest deficits were caused by increased spending around national emergencies like major wars or the Great Depression.

Today, our deficits are caused mainly by predictable structural factors: our aging baby-boom generation, rising healthcare costs, and a tax system that does not bring in enough money to pay for what the government has promised its citizens.

The coronavirus crisis has accelerated an already unsustainable fiscal trajectory, both because of its devastating effect on the economy and the necessary legislative response. Once we have emerged from the pandemic, it will be critical for America’s leaders to address our rising debt.  SOURCE:  Peter G. Peterson Foundation

That's $81,899 per person for every single person in America, NOT COUNTING ILLEGAL IMMIGRANTS...

REASONS:

Retirees are are living longer and drawing more from the Social Security Trust Fund

Rising Healthcare Costs - we spend 3 times more than other developed countries

The US Government spends more money than it take in

The US Tax Code does not generate enough revenues

Borrowed Money - Rising interest on that borrowed money

ONLY THREE SOLUTIONS

Reduce spending

Increase Taxes

BOTH

COMMENT:  Our CONGRESS, composed of the House and the Senate, has passed laws that have allowed our Federal Government to continue to borrow money to pay for a variety of things like:

Overseas Wars

Welfare Benefits

Social Security Benefits

And...  while this is all fine and dandy, most of Americans cannot absorb a tax increase as they are living from paycheck-to-paycheck...  so, the majority of these tax increases will fall on the shoulders of the WEALTHY...

The problem with that is the WEALTHY do not even want to pay their fair share of taxes as they have shelter their money away from taxes...

SO...  asking them to pay more taxes is kinda meaningless to say the least.

If the wealthy people will not pay their fair share of taxes, then business and industry must bear the burden and that runs the risk of slowing down economic growth.

OUR CONGRESS AND FEDERAL GOVERNMENT HAS BACKED ITSELF INTO A CORNER AND WHEN THEY ARE FORCED TO DEAL WITH THEIR INCOMPETENCE, AMERICANS WILL GET HURT  BIG TIME...