The US debt just hit 20 trillion dollars. That’s $20,000,000,000,000. If the numbers seems unfathomable to you, you’re not alone. It’s astronomical, it’s 13 0s, and it’s as scary as it is surreal.
But the bigger story isn’t the number or the size of the debt itself, it’s what the trend represents.
Year after year after year, the US government spends far more money than it collects in tax revenue.
According to the Treasury Department’s own figures, the government’s budget deficit for the first 10 months of this fiscal year (i.e. October 2016 through July 2017) was $566 billion.
That’s larger than the entire GDP of Argentina.
Since the government has to borrow the difference, all of this overspending ultimately translates into a higher national debt.
Make no mistake, debt is an absolute killer.
So how do we fix it? What’s the solution?
Cut essential government programs? Medicaid, Medicare, and social security do make up 52% of our spending. Continue to borrow from China? How could that go wrong?
The option we are left with seems to be to raise taxes, in order to increase our tax revenue, which is possible, and if you listen to CNN or Fox News for longer than 5 minutes, you will think we’re already doing it; but we’re not, and it’s unlikely we significantly increase taxes anytime soon.
Since ww2, overall tax revenue has held steady at 17%, albeit with a few variations. The only way to increase our tax revenue without affecting millions over American businesses and lives, is for the economy to grow just as rapidly.
How does that happen? By allowing it to grow unrestrained. Less regulations, more opportunities for innovation, and thus more people put to work, having more money to spend.
The problem? The national debt is growing much faster than the national economy. For example in fiscal year 2016, the debt grew by 7.84%, while the economy stalled at 2.4%, even as interest rates on mortgages, cars, credit cards, etc. were at an all time low.
This is a problem that isn’t going away, and the bombastic rhetoric politicians from all levels is continuing to be as useless as it is inflammatory.
It’s time for rational thinking to prevail, and it’s time for a solution.
Like this:
Like Loading...
Published by Carlos Sierra Political Consultant
Carlos Sierra, political consultant, has served as an advisor to dozens of Republican, Democratic, and Independent campaigns across the United States in the last 15 years. Continuously supporting the reform-minded candidates over the ideologues, Carlos is known for being a true independent, a trait many lack in the political arena.
A national leader in the Hispanic community and recognized for his complete understanding of the political realm, straightforward nature, and unabashed vision, he has been featured as a contributor in multiple publications including CNN OutFront and POLITICO.
Currently serving as the President of Sierra Public Affairs, and a partner in Renegade Public Affairs, which are both full-service consulting firms working with candidates and committees of all parties in addition to spearheading reform-oriented initiatives across the country. Carlos is also the Co-Founder and President of The Reform Project, a nonpartisan and nonprofit organization focusing on campaign and political reform led by Buddy Roemer.
Most recently, Carlos Sierra was asked to be the National Field and Political Director for the Draft Biden 2016 Campaign Committee, which is a role he is extremely excited to take on!
His invaluable past experiences include serving as the general consultant and strategist to the victorious Oscar Leeser for Mayor Campaign in El Paso, Texas in 2013. Prior to that, Sierra was asked to be the Co-Chairman and Campaign Manager to the Committee to Defeat Sheriff Joe Arpaio in Maricopa County, Arizona.
Notable accolades include serving as the youngest national campaign manager during the 2012 election cycle for the Buddy Roemer for President Campaign. Carlos strategically focused the campaign on reforming and ending corruption in Washington by promoting and implementing policies that diminish the special interests and uplift the average American. Because of this, Carlos was one of ten national campaign managers invited to speak at Harvard’s Institute of Politics on the 2012 presidential election.
Beginning as an intern for the John McCain for President Campaign during the 2000 presidential election, Carlos continued to work over the next ten years for Senator McCain in Tucson, Washington, Phoenix, Tempe, and campaign offices where he handled community outreach, constituent services, and various policy matters such as immigration reform, rural affairs, and natural resources.
He spent the 2008 election cycle traveling to most major primary and caucus states on behalf of the McCain campaign, aiding in the senators to capture an underdog victory in the primary elections. Soon after, he was appointed the Southwest Coalitions Director for McCain-Palin 2008.
While Sierra enjoys exercising his tenacity and informed bluntness on the corruptions within politics, he is most happy spending time in El Paso, Texas with his two children, Destiny and Carlos, and devoting time to his personal relationship with Jesus Christ as a born-again Christian.
View all posts by Carlos Sierra Political Consultant
