Debt Exceeds GDP
This week, America’s national debt officially surpassed the size of the entire U.S. economy. According the U.S. Treasury, our federal government now owes its creditors more than $15.2 trillion dollars, while our gross domestic product (GDP) stands at $15.1 trillion.
Washington’s reckless spending places heavy burdens on our children and grandchildren, as every child born in this country inherits a nearly $50,000 share of the national debt. Our skyrocketing debt is a drag on our economy, as it fuels uncertainty, hurts our credit rating, slows economic growth, and prevents much-needed job creation.
When President Obama took office, he pledged to cut the deficit in half by 2012 (Politico). Unfortunately, the deficit has exceeded $1 trillion in each of the last three years, while the national debt has grown by more than $4.6 trillion since January, 2009 (U.S Treasury).
We can’t solve our debt problems until we address the root causes of this crisis – overspending and overpromising from Washington. We must cut up Washington’s credit cards and stop spending money we don’t have. Putting our country on a responsible fiscal path is critical to getting our economy moving again.
As Congress debates this issue, I would appreciate your input. Please let know what you think of this proposal by taking the survey in this email and then sharing your thoughts on my website, facebook page or twitter account. I look forward to hearing from you.
Congressman Tom Rooney