United States National Debt Facts...
- It took the country from George Washington until Ronald Reagan—approximately 200 years—to reach the first $1 trillion in debt.
- Politicians driven by short-term election goals focus on short-term problems. For example, President Bush once told us the problem was shrinking, pointing to the annual federal budget deficit, which fell from a high of $413 billion in fiscal 2004 to about $163 billion in fiscal 2007. The debt, meanwhile, continues to explode.
- All of the taxes you pay, including Social Security, are used for current government services and benefits, NONE of it is saved for OUR future.
- US Office of Management and Budget, "There is nothing left. There are no finical assets in the Social Security trust fund."
- The Government Accountability Office states , if spending on government retirement programs remains on its current course and revenues grow at their historical averages, interest on the debt could skyrocket from its current 9 percent to almost 50 percent of the budget by 2040.
- Fed Chairman has stated that the time to solve this problem was "ten years ago." Meanwhile, Congressional Quarterly reports that a delay of even 10 years in solving this will triple the impossibility of EVER solving the problem.
- Washington IS absolutely myopically intending to make the nation's fiscal problems much worse by expanding entitlements and bail-outs. The 2012 US budget calls for adding more than 3 trillion dollars to the federal debt via deficit spending and as much as another five trillion in unfunded liabilities.