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The Facts About Our Debt

The Facts About Our Debt

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Published by Buck McKeon

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Categories:Types, Research
Published by: Buck McKeon on Mar 17, 2011
Copyright:Attribution Non-commercial

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03/17/2011

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T H E F A C T S A B O U T O U R D E B T
HOUSE REPUBLICAN CONFERENCE | GOP.gov 1
“If we continue this kind of a policy, we’redead in the water. Because
[
small businesses
]
 don’t know what’s coming.”
Bernie Marcus, former Chairman & CEO of Home Depot (255,185 employees)
1. We Have A Debt Crisis Facing Our Nation.
Our nation’s debt currently stands at over $14trillion, which amounts to a $45,500 “birthtax” for every child born in America this yearor $120,500 for every household.The federal government is borrowing morethan 42 cents on every dollar it spends. Inother words, all spending after July 27 of thisyear is borrowed spending.
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2. The Debt Crisis Threatens Our Job Growth, Our National Security AndSovereignty, And Our Nation’s Children.
Today, almost half (47 percent) of our public debt isowned by foreign sources, more than a 240 percentincrease in the last 20 years alone. China owns morethan any other nation - 29.2 percent of our debt.With the interest we pay to China on our debt,China can afford to buy 3 new Joint Strike Fightersevery week – with $50 million per week left over.
3. We Have A Debt Crisis Because Washington Spends Too Much,Not Because Washington Taxes Too Little.
Since 1946, spending has averaged 19.7 percent of theeconomy, and
 
tax revenue has averaged 17.7 percent of the economy.
 
While tax revenues are predicted to remainnear historic levels of the economy, spending is projectedto rise to more than 80 percent of the economy, drivinghistoric deficit and debt.According to Stanford Economist John Taylor, simply tobalance the budget in 2019 would require an immediate60 percent tax increase across the board. Can you afforda 60 percent tax increase?
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