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Josh-D. S. Davis

Xaminmo / Omnimax / Max Omni / Mad Scientist / Midnight Shadow / Radiation Master

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National Debt...
Josh 201604 KWP
joshdavis
Shooman did some legwork and told me this:
The national debt clock website reports the Outstanding Public Debt as of 26 Oct 2010 at 01:03:09 PM GMT is: $ 13,682,716,591,148.67, The estimated population of the United States is 309,363,683 so each citizen's share of this debt is $44,228.58. The National Debt has continued to increase an average of $4.16 billion per day since September 28, 2007!

Also Wiki lists:
As of October 10, 2010, the "Total Public Debt Outstanding" was approximately 94% of annual GDP, ($13.616 Trillion) with the constituent parts of the debt ("Debt held by the Public") being approximately 66% of GDP ($9.01 Trillion) and "Intergovernmental Debt" standing at 34% of GDP .[2][3] The United States has the 20th highest debt to GDP ratio of all nations, and has the fourth highest of the G8 Nations

This was prompted by an Esquire article about a group who spent 3 days working on a high level budget with the target of balancing the budget and dropping national debt to 60% of GDP by 2020. The article is here:
http://www.esquire.com/blogs/politics/balance-federal-budget-101310

The Final Numbers:
Total Projected Revenues in 2020: $4.693 trillion (20.8% of GDP)
Total Projected Spending in 2020: $4.681 trillion (20.8% of GDP)
Total Projected Surplus in 2020: $12 billion
Projected Debt-to-GDP Ratio in 2020: 52%

Details: http://www.esquire.com/blogs/politics/federal-budget-statistics-1110

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The solution is obviously, of course, to cut taxes.

TANSTAAFL

It's just going to be a really, really big impact/shock in the near term to those who were getting the free lunches.

Not just cutting tax, but also to spend more money on new committments.

Also, we're going to need an organizational chart for the new committees and sub-committees. And raises for the committee and sub-committee chairs.

Could we also get a budget to hire more administrative staff?

Yes, but what is the interest rate on the national debt?

$414 billion in interest on $9.01 trillion for FY2010. That's 4.5% APY.

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