NEW VIDEO: Click here to watch NBC’s insightful report on the catastrophe waiting the U.S. if we don’t attack the national debt as a clear and present danger.
Please click here to read my ”Our Children Are Going to Pay” article regarding the national debt.
You may watch my 30 sec. TV commentary by clicking here: “Out of Control Spending“
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Curtis,
I heard something the other day that has a significant impact on the debt we’re experiencing. We have all heard of the disparity between average earnings in the public sector $40k and the public sector $71k. Apparently, there is to be another increase taking the annual federal average to $75k. If this is true, in crude basic terms, that will be a 5.6% increase.
As one who supports this bloated and ineffective government, with my tax dollars, I find that any increase in the public sector at this time is without merit and counter-productive to releaving the unemployment, foreclosures, and budget shortfalls experienced in our economic meltdown.
Do you have any idea if this is true? If it is, I can’t imagine what will happen when those of us, joe six-pacts, find out about it.
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“By 2020, the agency estimates debt held by the public would reach $20.3 trillion, or 90% of GDP.” We are on an unsustainable path. It will never get there. Public debt of the United States: ~$8 trillion – Federal public debt ~$4.5 trillion – Intergovernmental Holdings ~$2 trillion – State and local governments. Total = ~$14.5 trillion We are already over 100% GDP.