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Clinton did this radical thing back in the 90's where he taxed people more and cut spending and somehow it miraculously reduced our deficit.
It's almost like magic or something.
If a monkey was President during that time throwing darts at a dart board to make decisions they would have been successful and lets not forget there was Republican led Congress for most of the time he was in office.
If a monkey was President during that time throwing darts at a dart board to make decisions they would have been successful and lets not forget there was Republican led Congress for most of the time he was in office.
The USA's national debt is about $17 trillion and our GDP this year is about $17 trillion, so to put it into a family context you could say that a family makes about $80,000 per year total and owes about $80,000 left on their mortgage.
Nice try at toning down how bad it is. Fail.
It's like $80,000 on the credit card, or a student loan - it's outside of regular expenditures like rent/mortgage, electric, water, etc.
The USA's national debt is about $17 trillion and our GDP this year is about $17 trillion, so to put it into a family context you could say that a family makes about $80,000 per year total and owes about $80,000 left on their mortgage.
Last time I checked, GDP is substantially less than $17 trillion so our debt is actually closer to 105% of GDP. Yeah, basically the same financial situation that Greece finds itself in.
What makes our crisis substantially worse is the fact that 10,000 Baby Boomers are retiring every day which puts even further strains on Social Security and Medicare.
The problem with raising taxes is that politicians are spendaholics. They cannot be trusted to be anything other than out-of-control spenders.
The reality is that, at nearly $750 billion annually, the military budget needs to be trimmed a bit. We're spending $83 million dollars AN HOUR on defense. $83 million dollars.....every hour, of every day.
But we were warned about this by a guy who certainly was not only smarter than any of our current politicians, but also was a lot closer to the situation than any of them. Dwight Eisenhower presided over 8 years of peace during his administration, all while doing his best to continually cut the Pentagon's budget. The ultimate military man, cutting the budget of the same military that he once commanded.
"The problem in defense (spending) is how far you can go without destroying from within what you are trying to defend from without."
-- Dwight Eisenhower
There are certain taxes that probably could be implemented, but the reality is our military industrial complex is out of control.
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Disclaimer: Not a partisan issue
