Let’s talk about FISCAL RESPONSIBILITY
Currently our national debt is over $20 trillion dollars.
The Congressional Budget Office’s analysis says the Senate tax bill would add $1.414 trillion to the deficit* by 2027. What exactly is a trillion dollars? Let’s break it down. 1,000 Thousands equals 1 Million (1,000,000) or 999,999 +1; 1,000 Millions equals 1 Billion (1,000,000,000) or 999,999,999 million + 1; and 1,000 Billions equals 1 Trillion (1,000,000,000,000) 999,999,999,999 billion + 1. A Trillion can also be thought of as a Million Millions.
The Congressional Budget Office’s analysis says the Senate tax bill would add $1.414 trillion to the deficit* by 2027. What could a trillion dollars buy? $1.414 trillion dollars would pay for 31,250,000 (31 million, 250 thousand) $15 an hour jobs – a living wage for 31 million people. It would pay for 10,000,000 (10 million) college educations, full ride $100,000 per person for 10 million people. Our current census states that there are 16 million Americans in college right now, so that’d pay for more than half of them. America has about 323 million citizens. If $1.414 trillion dollars was a pie and we sliced it up and passed it out, it would mean $4,377.71 dollars for every single American. But its not pie, its debt, so what is really means is an extra $4,377.71 in debt for every single American.
The Congressional Budget Office’s analysis says the Senate tax bill would add $1.414 trillion to the deficit* by 2027. That’s a lot of money that could be better spent on more equitable uses that benefit us all and that’s a lot of money to add to our National Debt.
So what exactly is “the deficit” and how is that different from the national debt? The deficit is the difference between what the U.S. Government takes in from taxes and other revenues, and the amount of money it spends: it is the shortfall in the budget each year. The national debt is the accumulated deficits over time. It is the result of the government borrowing money to cover years of deficits.
If the government makes more than it spends, there is a surplus and a balanced budget that year … but we haven’t seen that in a while. In the last 50 years or so, there have only been five years that had balanced federal budgets: 1969 under President Richard Nixon; 1998, 1999 and 2000 under Bill Clinton; and 2001 under George W. Bush.
For most of us a “deficit” in our household budgets would result in a “foreclosure” on our house, or a “repossession” of our automobile, or a “filing for bankruptcy” in our credit history.
Our government hasn’t balanced a budget in almost 20 years and the interest keeps adding up. The National Debt is also known as the Public Debt because it is what we all owe as citizens, and what we all will (eventually) have to pay back.
Currently our national debt is over $20 trillion dollars. That works out to a shared debt of over $63,000 dollars per citizen. To which our Senate just added an additional $4,377.71.
Let’s Talk about Fiscal Responsibility
It’s time to stop kicking the can, we are burdening our future generations with a litany of avoidable calamities. It’s time we had a balanced budget, its time we held our government accountable for the debt it creates.