What is the national Debt?National Debt:the money borrowed bythe federal governmentof the United Statesthrough the issuing ofsecurities by theTreasury and otherfederal governmentagencies. Consists ofdebt held by the publicand intragovernmentaldebt.
Entitlement liabilities• “Amounts equal estimated present value of projected revenues and expenditures for scheduled benefits over the next 75 years of certain „Social Insurance‟ programs (Social Security, Medicare Parts A, B, & D, Railroad Retirement).”
Interest on the national debt • Cost of Net Interest on U.S. National Debt to Surpass Defense Spending by 2017• Cost of Net Interest on U.S. National Debt to Surpass $915 Billion by 2022
Infrastructure• A Crumbling U.S. National Infrastructure • America Has No Infrastructure Plan & No Way to Pay For It • A Capital Budget To Save America
America 2022Total U.S. National Debt (Bonded): Approximately $25 TrillionNet Interest on U.S. National Debt: Approximately $915 Billion
what is needed in America1. An Honest Discussion About the Unsustainability of Our National Debt and Deficits.2. An Open Debate About the Size and Role of Our Federal Government, Now and in the Future.3. A Realization that America‟s Long-Term Fiscal Sustainability Cannot Be Subject to the Politics of the Next Election Cycle.4. An Understanding that in Order to Solve the Long-Term Fiscal Crisis of Our National Debt, Shared Sacrifices Must Be Made by the American People.
Bibliography• Slide 2 – “Federal debt basics – How large is the federal debt?”. Government Accountability Office. Retrieved March 6, 2013.• Slide 3 – nationalpriorities.org – Source: OMB. Retrieved March 6, 2013.• Slide 4 – US Treasury Department. Fiscal Year 2012: Financial Report of the United States Government. “A Citizen’s Guide” p. viii.• Slide 5 - US Treasury Department. Fiscal Year 2012: Financial Report of the United States Government. p. 19.• Slide 6 – money.cnn.com – Source: CBO , 2012 – Retrieved March 6, 2013.• Slide 6 – Geo-graphics - http://blogs.cfr.org/geographics/2009/10/26/interest-expense/ - Source: CBO – Retrieved March 6, 2013.• Slide 8 – Peter G. Peterson Foundation - http://www.pgpf.org/Chart-Archive/0027_entitlement- programs-proj.aspx - Source: CBO. Retrieved March 6, 2013.• Slide 9 – Pelican Post - http://www.thepelicanpost.org/2011/03/29/a-first-in-american-history-2011- federal-aid-set-to-overwhelm-state-general-funds/ - Cato Institute – Wyoming Liberty Group – Retrieved March 6, 2013.• Slide 10 – Edward Mazur. “Why State and Local Government Leaders Should Read and Heed the Financial Report of the U.S. Government. Newport News. September 1, 2010.• Slide 11 – Comeback America Initiative. March 25, 2011. http://5minforecast.argorafinancial.com/were-number-28/• Slide 12 – mygovcost.org - http://www.mygovcost.org/wp-content/uploads/2012/09/summer-2012- to-whom-does-the-us-government-owe-money - Source: US Treasury Department - June 2012.• Slide 13 – World Gross Domestic Product by Region – 1990-2030 - http://rainforests.mongabay.com/energy/gdp.html• Slide 14 – Statista - http://www.statista.com/statistics/216998/forecast-of-the-federal-debt-of-the- united-states/ - Source: CBO, 2012 – Retrieved March 6, 2013.