There was a time when we protected our nation and had an economic plan. Because of this plan we became one of the strongest nations on the earth. Much has changed and if we do not work for our best interest we will lose what little is left of our economic strength. Our downfall has not been mere chance it has been a result of an economic war China has waged on the U.S.
Tag Archives: National Debt
There are two great debts the American people have, yet there is only one the nation talks about. These twin debts are the national debt–money borrowed from the nation against itself compiled with money borrowed from other nations–and the trade deficit: money given to other nations for imported products and services that will, at some point, come back to buy out the United States.
When President Obama took office on January 20th, 2009, the total federal debt was over $10 trillion. As of July 2014, it has rise to over $17 trillion. That means that so far during President Obama’s term, our debt has increased more than $7 trillion, far more than any previous president. This is seriously bad news for American citizens since this means higher taxes and more debt.
In 2013, the U.S. economy had a budget deficit of over $680 billion and our current accumulated national debt is over $17 trillion. A hefty amount of this debt was loaned to us by foreign governments, granting foreign entities influence over our economic policies. Combined with unfair “free trade” agreements like NAFTA and KORUS FTA and our treaty with the World Trade Organization (WTO), it becomes clear that we have all but surrendered our economic sovereignty to the rest of the world.
America’s tax system is in desperate need of reform. American companies – and only Americans companies – are double taxed when selling overseas. Foreign countries have reduced tariffs but replaced them with consumption taxes on imports. China, Mexico and other countries’ manufacturers receive generous consumption tax rebates when exporting. As a result of these tax subsidies, American companies are often priced out of export markets. Our corporate tax rate is one of the highest in the world, making us less competitive in the global marketplace. Overall we have placed the burden on the American people and our own companies. Tax reform is something both parties agree should happen, however neither has a plan that could unburden our economy.