Take 2 minutes to watch the video below, Is Washington Bankrupting America?
From a new site that promises to keep an eye on who is BankruptingAmerica.org
According to a recent GWU Battleground poll, 74 percent of likely voters are “extremely” or “very” concerned about the current level of government spending. And 58 percent think the level of spending is unsustainable.
Is the public right? Is Washington bankrupting America? Some facts from the video:
Spending per household has risen over 40 percent in the last 10 years – and is set to do so again in the next 10 – pushing debt (and interest on the debt) to unprecedented levels. But that’s just a result of past spending.
Add in our government’s $106 trillion in future spending commitments – that cannot be paid for – and it becomes clear that our government’s spending is setting the country down a path toward bankruptcy.
We can solve it, but politicians will have to make tough choices.
Increasing taxes can’t do the trick ($106 trillion is equivalent to taking all of the taxable income from every American nine times over), nor is it fair to saddle taxpayers with a problem created by government irresponsibility.
We need real spending reform. Merely returning to the spending per household levels of the 1990s would balance the budget in three years.