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.
Tag Archives: National 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.
Politicians were never supposed to have the kind of stranglehold on their offices they hold today. The American public is passively condoning this ineffective system by not demanding better. We need to be able to recall leaders who do not live up to their campaign promises. A lot of damage can be done in a two year term in the House of Representatives, and even more with four years in the White House or six years in the Senate.
Last Thursday President Obama called for a long-term investment in highway, port and other infrastructure programs during a visit to Wilmington, Delaware. Our infrastructure has been decaying for some time now. As we see bridges collapse and roads fail, we realize we must act now to rebuild and upgrade our infrastructure.