Rebecca: dukimoto: I caution all to keep an eye on the national debt. Anyone with eyes that see can easily see that the American people have been sold out by those in Washington. Ready for Change?
Dukimoto -- Thanks for setting the record straight. Sounds like you do your homework. Rush Limbaugh seems to think the national debt isn't a problem. I take it you disagree.
The question is raised about the importance of the national debt. Why worry? What's the problem? It's not like we bump into the national debt when we walk down the streets. We'd hardly know it existed if people didn't keep bringing it up, raising it as an issue. Worse yet, they only bring it up when they have something to gain in the process. Knowing I have a 'liberal' background II seldom trust my own opinions so I've turned to a business person for an answer:
" The national debt has now passed $7.50 trillion. Thus,the ceiling imposed on the national debt by the Congress has just had to be raised to $8.18 trillion. Because of the Treasury's financial legerdemain, the real number is slightly above this ceiling. Per capita, this is more than $25,300 for every man, woman and child in the United States. Federal taxes in excess of $1,140 per year must be collected for every man, woman and child in the United States simply to pay the interest due on the national debt. Our annual appropriations for virtually all other Federal activities pale in contrast with the line item for Federal debt service.
Since October 1, 2003, the outstanding public debt has been increasing an average of $1.60 billion every day! This increase is almost $18,500 per second. Since 1992, the national debt has doubled! These numbers are mind boggling.
So, how does this affect the owner/manager of the
emerging business? In many ways!
First, approximately 17 cents out of every dollar
of total tax revenue collected is immediately used merely to pay
the burgeoning interest on the Federal debt. This is now surpassing
the costs for our entire defense establishment, and it is exceeded
only by the revenues needed to fund the total Medicare and Medicaid
programs. (Ostensibly, Social Security is funded independently.)
We are held hostage by this horrendous debt; 17 cents is the ransom
to be paid out of every dollar we must cough up in taxes.
Thus, absolutely no governmental services or benefits
are delivered in return for 17 percent of our total Federal tax
bill. These are substantial funds that could most prudently be
re-invested in the growth of our own business, but must be shoveled
out instead simply to service the interest on the Federal debt.
These substantial funds are diverted by Government fiat from potentially
constructive economic investments in one's own enterprise into
barren interest payments to the world of strangers who hold these
obligations of the Treasury of the United States.
And secondly, the spending power of our present and
potential customers would be increased dramatically if this sterile
17 percent of our total tax bill that is immediately swallowed
by interest payments could only be freed for the purchase of goods
and services. [Approximately half of all individual income taxes
are required to pay the interest on the Federal debt.] While some
of the recipients of these interest payments may recycle these
funds into the purchase of domestic goods and services from emerging
businesses, much of the Federal debt is held by foreigners. A
substantial portion of the income of the average family of four
is being devoured to pay the interest on this "family debt"
equivalent to over $100,000. Thus, the Federal debt is a heavy drag
on the economy, impeding job creation and entrepreneurial expansion
as well as consumer spending on goods and services.
How does the national debt affect the owner/manager
of the emerging business? It drains substantial funds out of the
business that could otherwise be invested in job creation and
entrepreneurial expansion. And it drains substantial funds out
of consumers' pockets that could otherwise be available for the
acquisition of goods and services. While it may not be observable,
the national debt casts an oppressive pall upon the whole
economy. And this burden inevitably impedes the growth and prosperity
of the emerging business."
http://www.businessforum.com/debt01.html
The astute observer will note that the figures above, having been written about 4 years ago, are out-dated. The debt is now about 20% greater and is still going up. This is tolerated by those who are gaining in the process, the politicians and those with vested interests who support them. As far as I know, Haliburton hasn't complained.
