Our national debt is $21 trillion and growing.
Let’s put that in perspective: we could give seven iPads to every man, woman, and child on the planet with $21 trillion. Or, put another way, our country currently owes:
per tax payer
The national debt has increased over a thousand percent in the past 30 years, from $1.4 trillion in 1983 to $17 trillion in 2013. Our debt is expected to grow to $26 trillion by 2023. This dramatic increase in borrowing and spending is simply unsustainable.
Sources: Department of the Treasury, Congressional Budget Office
A path to disaster
For the first time since World War II, the national debt is larger than our economy. Our debt is outgrowing our ability to pay it off. We simply have to make tough decisions right now before this crisis becomes unmanageable.
Debt as a percentage of GDP – Source: Congressional Budget Office
So, what can we do?
Balance the budget
We must get to a balanced budget by cutting waste, eliminating redundant agencies, and continuing to grow the economy. Also, many states, including Georgia, have a Balanced Budget Amendment. The federal government should have one too.
Grow the economy
Our only option is to grow our way out of the hole that Washington dug for us. We need to continue removing barriers to economic recovery.