Nation’s Debt Reaches All-Time High While Taxpayers Are Left to Foot the Bill
Washington- Today, the nation’s debt has reached an all-time high of $13 trillion sending shockwaves throughout the country with economists sounding the alarm. While most Americans realize the devastating implications of such a costly debt, Carol Shea-Porter and her Democrat friends remain unfazed. After repeatedly supporting her party’s runaway spending spree, Shea-Porter and her party leaders are responsible for paving the way for such an irresponsible feat. Instead of acknowledging that the government has a spending problem and outlining a blueprint for recovery, House Democrats have refused to draft a budget. Now, not only are Americans left without answers but they will also be forced to pick up the bill for the nation’s unchecked debt.
“The U.S. national debt hit $13 trillion today, a stratospheric number with looming implications for every citizen.
“With about 309 million people living in the U.S., the average American owns a $42,000 piece of debt — and the 110 million taxpayers owe an even larger chunk per person as the debt grows ever larger.” (“National Debt Clock — Tracking the Red,” Fox News, 5/26/2010)
Economists warn that the Democrats’ misguided approach of putting money into growing the government rather than the private sector is not sustainable and leading to the nation’s economic crisis.
“Paychecks from private business shrank to their smallest share of personal income in U.S. history during the first quarter of this year, a USA TODAY analysis of government data finds.
“At the same time, government-provided benefits — from Social Security, unemployment insurance, food stamps and other programs — rose to a record high during the first three months of 2010.Those records reflect a long-term trend accelerated by the recession and the federal stimulus program to counteract the downturn. The result is a major shift in the source of personal income from private wages to government programs.”
“The trend is not sustainable, says University of Michigan economist Donald Grimes. Reason: The federal government depends on private wages to generate income taxes to pay for its ever-more-expensive programs. Government-generated income is taxed at lower rates or not at all, he says. ‘This is really important,’ Grimes says.’” (Dennis Cauchon, Private pay shrinks to historic lows as gov't payouts rise,” USA Today, 5/26/2010)
“Carol Shea-Porter and her out-of-touch party leaders’ unchecked runaway spending spree continues to drive the nation’s debt further into the red,” said NRCC Communications Director Ken Spain. “While economists and taxpayers throughout the country are sounding the alarms, Shea-Porter refuses to listen. Rather than drafting a budget and providing a blueprint for economic recovery, Washington Democrats continue to spend the nation further into debt on the taxpayer’s dime. After refusing to read the writing on the wall, Shea-Porter will be forced to bear the consequences of angry New Hampshire voters who are tired of not having their voices heard.”