US Debt Crisis 10-31-24

In FY 2024 total government spending was $6.75 trillion and total revenue was $4.92 trillion, resulting in a deficit of $1.83 trillion, an increase of $138 billion from the previous fiscal year 

The culprits include the “Omnibus Bill” that is 2000 to 4000 pages long and is released 2 days ahead of the Vote. Republicans are right to insist on “Regular Order” where the Committees vote on Spending Bills one Agency at a time and the House votes on these Bills one at a time. The other culprit is the Fiscal Year End Panic that should be replaced by an automatic continuance of the previous FY spending. This creates a “Bumbs Rush” that isn’t necessary. This would also make 10 year budgets unnecessary. Unless Congress changes their ways, the National Debt will continue to rise.

There are lots of thing to cut including: Federal grants to States that cost $1.2 trillion per year, Foreign Aid that costs for over $1 trillion per year and US Welfare that costs $1 trillion per year.

The US National Debt is approaching $36 trillion. The US national debt at the end of the fiscal year 1989 was $2,857 billion.  With US Federal Spending at record highs, inflation is devaluing the US Dollar.

The US government has been functioning for 235 years from 1789 to 2024 and Federal powers have grown to be all-inclusive and dysfunctional. The US is beginning to transfer powers to the States to begin restoring compliance with the 10^th Amendment.  Education has failed and is the first to go. All other Agency groupings need to be reformed and some functions will go to the States. The US Federal Government is broke and needs to cut spending from $6.5 trillion to $4 trillion per year.

Lessons learned in Western Civilization History include the “Fall of the Roman Empire” due to overexpansion and overspending. Other Empires failed due to lack of leadership like the Greek Empire after the death of Alexander the Great. The US needs to cut spending and develop competent leaders to survive.

The American Civil War (1861–1865) caused the U.S. government's debt to grow more than 40 times, from $64.8 million in 1860 to $2.6 billion at the war's end: 

The current US Debt (1989-2024) has grown 12.6 times from $2.857 trillion in 1989 to approaching $36 trillion in 2024. We are fully capable of growing the US economy to retire our $36 trillion debt if we do it correctly by reducing the unconstitutional powers that have been added to the Federal Budget since 1913. Inflation since 1913 has reduced the value of the US Dollar to 4 cents. We cannot reduce the Debt with Tax Increases or we will destroy our entire economy.

The US Federal Government should cut USAID to foreign countries and cut Grants to States, Counties and Cities. Most of these Grants are for unnecessary 12-foot multi-use paths, green spaces and other non-critical projects. States should be responsible for the maintenance of their Interstate Highways and State Roads. Counties should be responsible for their Roads, Water and Sewer systems. Cities should be responsible for their Roads and Streets and storm sewers.

The US Federal Government should consider giving all National Parks back to the States where they are located. This should give these States a break to increase their own GDPs and solve their own forest fire problems. 30% of all US Land is tied up in Federal Parks, Forests, Deserts and Pasture Land.

In 2024, the first $13,610,000 of an estate is exempt from taxes, up from $12,920,000 in 2023. Estate taxes are based on the size of the estate. It's a progressive tax, just like our federal income tax. That means that the larger the estate, the higher the tax rate it is subject to.

Social Security, Medicare and Inheritance Tax Deductions should not be touched. Tax Deductions on Auto Loan Interest is a good idea. Grandparents will continue to support their children and grandchildren until they can support themselves. Parents are allowing their grown children to live at home until they can afford to live on their own. We are all waiting for Trump to restore the US economy.

Norb Leahy, Dunwoody GA Tea Party Leader