Our Federal Debt is out of control

It is general public knowledge that the Federal Debt is out of control.  Here it is in simplified form. The Federal Debt is like a personal debt, if not addressed there are consequences, like that of the Financial Crisis.  Next time Congress does not want to increase the Debt, we start defaulting on our debt. The esteemed

simplified-federal-debt-jpeg

reputation of the United States will evaporate. Data it is very evident that the debt drastically increases under George W Bush because of Tax Cuts. It continues increasing because of continuing War and explodes start of 2007 Financial Crisis.

Clinton brought the deficit to zero because of Tax increase and PAYGO spending discipline.   There are known solutions, all that is lacking is political will.  First we will get the facts to start the discussion.  A useful website depicting the up to date Debt with is provided here: http://www.usdebtclock.org/  Note we are approaching 20 Trillion as the chart predicts. A lot of other useful data is in this website

The public and Congress had been warned about this most notably by former comptroller general David M. Walker and other financial luminaries: https://en.wikipedia.org/wiki/David_M._Walker_(U.S._Comptroller_General)

We will be looking at :

  1. Data for the Federal Debt/Deficit
  2. Data for Federal Income, Outflows and the Deficit
  3. Who owns the Federal Debt and whose problem is it

 

We need to get the facts Continue reading Our Federal Debt is out of control