How does this debt compare to the total economic activity of the United States?
According to the Bureau of Economic Analysis, the 2010 gross domestic product was $14.7 trillion. The GDP represents the market value of goods and services produced in our country in one year. The current debt ceiling is almost the same as an entire year of economic activity in the United States.
Who pays individual income taxes?According to the Brookings Institution, 39 percent of Americans pay no federal income tax. This means that 61 percent of Americans are paying 100 percent of the individual income tax received by the federal government. From a cursory review of the facts, it becomes evident that the U.S. government needs to review how it budgets and spends. In an ironic move, last Thursday, President Barack Obama nominated Richard Cordray to direct the newly formed Consumer Financial Protection Bureau (CFPB). Its mission, according to its website, is "to make markets for consumer financial products and services work for Americans -- whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products."
The government can't manage properly its own budgeting process and line of credit, but it can set up a new agency using the taxpayers' money to help the taxpayers do what the government cannot do.Kind of makes you feel like you feel like your liver is getting fried.