Spending Beyond Our Means
In March 2010, the total federal debt stood at almost $14 trillion. With each person’s share of the debt now about $40,000, the debt and the deficit now belong to families like the Everymans. Two
The United States is at a fiscal crossroads. Driven by taxpayer bailouts of banks, insurance companies, auto companies, and other financial institutions, as well as wars and economic stimulus to counter the “Great Recession,” the U.S. annual deficit has tripled since 2007. According to 2010 OMB estimates, the deficit will reach 1.4 trillion dollars this year, which is a whopping 10 percent of Gross Domestic Product (GDP). A growing deficit and the related interest cost automatically add to total federal debt and increase the amount owed by each man, woman, and child in the U.S. population.