We as individuals are not the only ones spending like there's no tomorrow. In case you didn't know it our government is in the hole for trillions of dollars and it's growing. When the baby boomers start retiring the deficit could get to 53 trillion dollars which is a $175,000 debt for every person alive in the US today. As Americans who love our country, we have to understand what is going on in order to fix this massive behemoth confronting us.
As of 2008 our Federal Budget Deficit consists of the following debts:
610 billion in Social Security
330 billion in medicare
204 billion in medicaid
607 billion in military
936 billion everything else
TOTAL: 2.9 trillion dollars in the hole and growing...
Federal revenue (what is coming into the government)
1,220 billion in Personal Income Taxes
910 billion in payroll taxes (FICA)
345 billion in corporate income taxes
46 billion in other revenue
If you add the numbers and subtract revenue - deficit you come up with a 410 billion dollar deficit. That's today but it's growing like a monster. In the last 40 years 35 of those years have been budget deficits and only 5 years have been budget surpluses. Our government is living beyond its means just like the American people in general. We cannot sustain this before we go down the tubes as a nation. A must watch video below or go to www.pgpf.org.
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