Too much debt in the
world’s economies needs to be halted and rolled back. Governments spend too
much on nonessentials and need to lower government spending, conserve cash and
avoid borrowing. We have seen currencies
crash in Zimbabwe and Venezuela. We have seen countries run out of cash and
default on their loans like Greece and Turkey.
Global Debt is $247
trillion. US government debt is $21 trillion with $15.3 trillion in T-Bills and
$5.7 trillion in government programs.
Global GDP is $78.28
trillion. Global Debt to GDP is 316%.
US Debt includes $21
trillion in federal government debt, $6 trillion in State and local government
debt, $13 trillion in personal debt and $6 trillion in corporate debt. That
adds up to $46 trillion. In addition, the US government has $124 trillion in
unfunded future liabilities.
US GDP in 2017 was
$19.3 trillion and is expected to reach $20 trillion in 2018. Total US debt to
GDP is 230%.
We need to reduce
government spending and pay down debt. Annual tax revenue is $4 trillion for
federal and $2 trillion for State and local government. This needs to be cut in half. As jobs flow in
to the US and wages rise, consumers need to make lowering their $13 trillion a
priority.
Norb Leahy, Dunwoody
GA Tea Party Leader
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