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America’s national debt is a record-breaking $12 trillion, and expected to nearly double in the next ten years. Unsustainable borrowing has created the largest debt in history. We need to take action now to Defeat the Debt — before it’s too late.
Budget Freeze Won’t Fix The Debt
President Obama’s announced budget freeze will do little to address the national debt. The proposed plan only affects 1/8th of the overall budget, and fails to do anything about the escalating entitlement expenditures that are responsible for the majority of future borrowing.
Put in terms of a diet, we are currently eating more calories than we are burning. Let’s say we burn about 2,100 calories per day, but eat about 3,500. Our non-defense discretionary spending is the equivalent of a daily 500 calorie portion of French fries. All the other spending is the equivalent of three 1,000-calorie meals. Obama’s budget freeze only affects the fries (by a tiny amount, like removing the ketchup), and leaves the rest of the meals untouched.
Over the next decade, the federal government is projected to add $9 trillion to its existing $12.4 trillion debt. If Obama’s budget freeze is successful, the government will only borrow $8.75 trillion.
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Employment Policies Institute Statement on Vote by Congress to Raise the Debt Ceiling
January 28, 2010
Washington, D.C. — The Employment Policies Institute (EPI) released the following statement in response to Thursday’s Senate vote to raise the debt ceiling for the second time in as many months.
How much is a trillion dollars?
One million seconds will pass in the next 12 days.
One billion seconds will take 32 years.
One trillion seconds will pass in 31,688 years.
Time is money, right? If you make one dollar every second, you will have a million dollars in twelve days. You will be a billionaire in 32 years, but it will take you more than 31,000 years to make a trillion dollars.
Uncle Sam’s Name in Lights in New York City
New York’s Times Square is the crossroad to the world. It is also the home of a massive new billboard asking Americans to make reducing the deficit a new year’s resolution.
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They Never Saw It Coming
Many nations have been devastated by unexpected debt crises. Roll over the countries and states below to learn more about their sudden economic catastrophies.