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USA Debt Now Equal to Entire USA Economy


Guest ThinkSpeak
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Guest ThinkSpeak

Size of U.S. debt is now the same as its entire economy: 15,236,506,139,986.86

 

http://www.treasuryd...?application=np

 

Congressman Randy Forbes:

 

Our national debt is now the size of the U.S. economy. The amount of money the federal government owes to its creditors, combined with IOUs to government retirement and other programs, now tops $15.23 trillion. As of September, the value of all the goods and services our economy produces is $15.7 trillion. By comparison, out of advanced economies, only Greece, Iceland, Ireland, Italy, Japan and Portugal have debts larger than their economies. Read more in this article from USA Today.

 

I believe in the simple truth that we should not spend what we do not have, and we must make it a priority to put our nation back on a path of fiscal prosperity.

 

So how do we reduce our debt? I believe there are major goals we can focus on to help return our nation to firm fiscal footing. Below are some of those goals and corresponding legislation that I have introduced or cosponsored to help make those goals a reality.

 

Reduce Our Current Debt

I believe we can do this by cutting, capping and balancing our federal budget.

H.J.Res. 1, H.R. 3136, H.R. 2560, H.R. 389

 

Create a Simpler, Fairer Tax System

Government spending cannot be solved by simply raising taxes or increasing the debt limit. Likewise, reforms must be made to close tax loopholes and make the tax system fairer.

H.R. 462, H.R. 1040, H.Con.Res. 34

 

Set American Businesses Up for Success

Excessive regulations inhibit job growth by creating an environment in which businesses are reluctant to invest or grow. I’m working to reverse the regulatory trend in Washington to help set American businesses up for success in the global economy.

H.R. 10, H.R. 2924, H.R. 2587, H.Res.72

 

What else would you add to this list?

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