We need to lower the national debt.
As you may be aware, the current balance owed by the United States is more than 16 TRILLION Dollars ($16,000,000,000,000.) Just six years ago this debt was just under 8 Trillion Dollars ($8,000,000,000,000.) Since 2006 the Federal Government has issued 8 Trillion Dollars ($8,000,000,000,000) more in new IOU's.
The U.S. National Debt is now more than 100% of the U.S. Gross Domestic Product (the value of all of the goods and services sold in the United States in one year.)
The $454.3 BILLION Dollars of annual (fY2011) interest payments on this debt is the Federal Government's 4th largest single budget item. Once we eliminate the debt, the government could spend the $454.3 Billion Dollars on something else each year which is more valuable to our society.
Approximate current balance:
| $15,776,139,241,010.39 |
(balance as per US Government 6/18/2012)
Why?
The fact is that with the debt as large as it is, it has become a burden on our whole economy, limiting growth and investment by both the Government and private industry. The current debt, which is now more tan 100% of GDP, is nearly twice what it had been during the late 1940's and 1950's.
Just servicing this huge debt is a drag on our economic system, using ever larger amounts of money just to pay the monthly interest charges. If we can even just pay off half of the debt, we can reduce this interest burden and our country's future will be stronger.
The National Debt, at $16 Trillion, translates to more than $49,000 per every U.S. man, woman and child, or nearly $136,000 per every U.S. taxpayer.
The Consequences:
If we do not take action there will be many consequences.
Interest rates on our sovereign debt will rise, we will have to pay a risk premium as Greece and Portugal already do.
The cost of servicing the debt will explode; for example, with just a 4% rise in interest rates, the annual interest on this amount of debt could top $1 Trillion Dollars per year.
This will mean less money spent for other goods and services by our government.
It most likely would also mean a very large tax increase to cover the true cost of running our Government.
Going Forward:
We feel there should be an open debate in the country about the size and priorities of our Federal Government. We also feel that the Government should live within its means. We believe that the country should be taxed at the rate that would not allow for the growth of our debt to over 100% of GDP ($15.2 Trillion Dollars in 2011).
So, in addition to spending our tax dollars prudently, WE as the federal government, have a responsibility to pay for this huge debt that was created by a bad combination of overspending and under-taxation over the past 50 years, rather than leave it for the following generations to pay it. I suggest that we do not wait for the politicians to increase our taxes or make draconian cuts to the programs, but rather contribute what we can to solve this problem ourselves.
"Do not wait for leaders; do it alone, person to person." Mother Theresa
You can make a difference.
Here's what you can do:
If you believe that this enormous debt is a problem, here is our simple grassroots non-partisan solution.
Donations that you make to the Treasury will be used to specifically retire U.S. debt instruments as allowed by federal law. The donations will not go to a general fund and cannot be diverted by politicians and spent elsewhere.
Even small amounts can make a difference. For example; if every one of the 312 million people in the United Sates gave $100 - we could reduce the debt by $31.2 Billion Dollars.
No National Debt is not asking those Americans who are currently struggling in this economy to make ends meet to make a donation to this effort.
If you feel that you have benefited from living in the United States and would like to give the next generation the same opportunity to succeed, I ask you to donate.
Help pay off this debt so our descendents do not have to pay for the benefits we have enjoyed from OUR Federal Government.
Our Mission:
To educate people about the U.S. National debt and provide an easy way for concerned people to do something about the debt, by helping pay it off.
