Federal Spending and The $31 Trillion Debt Crisis in The United States
It is important that we realize we have over $31 Trillion of U.S. Federal Debt. A budget cut of $130 Billion in discretionary spending has NO impact on a $1.4 Trillion U.S Deficit. If the US Government was run like a business, then it would be bankrupt and closed for business. Less government and less spending is required. How can we pay down $31 Trillion of Debt? While there is no intention to ever pay this down, the U.S. National Debt is expected to reach $89 Trillion by the end of this decade. We need to have spending cuts, and not budget cuts. I believe in deadlines, objectives and ownership, and we need to institute deep federal spending cuts to reduce our budget deficit to zero within 3 years.
Another way of looking at the Debt Ceiling: You come home from work and find there has been a sewer backup in your home and the sewage is all the way up to your ceilings. Do you “raise the ceiling” or remove the waste?
Gerard Rotonda
$31.4 Trillion Debt Ceiling currently.
$31.8 Trillion is US National Debt as of today
As of 2022 Year End:
(in $ Trillions) = 13 digits!!!
$ 4,900,000,000,000 U.S Tax Revenue
$ 6,270,000,000,000 Fed Spending
— — — — — — — — — — — — — — — — — — — — — — — — — — — — —
$ 1,370,000,000,000 Deficit, New Debt
$30,930,000,000,000 National Debt
— — — — — — — — — — — — — — — — — — — — — — — — -
$ 130,000,000,000 Budget cut in Discretionary Spending
Simplified example — remove 8 zero’s
$ 49,000 Annual Family income
$ 62,700 The money the family spent
— — — — — — — — — — — — — — — -
$ 13,700 New debt on the credit card
$ 309,300 Outstanding balance on the credit card
— — — — — — — — — — — — — — -
$ 1,300 Total budget cuts so far
While there is no intention to ever pay this debt down, the U.S. National Debt is expected to reach $89 Trillion by the end of this decade. We need spending cuts, and not budget cuts, to reduce our budget deficit to zero within 3 years.
