TheÂ equation is simple. Our annual GDP for 2010 stands at $14.5 trillionÂ dollars, about a quarter of the worldâ€™s total, while our totalÂ public debt stands at a little over $14 trillion dollars. Just like aÂ credit card, the debt will be charged interest, unless we make a fullÂ settlement on the sum â€“ which we canâ€™t afford to. Now, letâ€™sÂ throw a little fuel on the fire. We are incurring a projected $1Â trillion dollar deficit for the next fiscal year, which will continueÂ to grow with each passing year. By the look of things, we will oweÂ more money than we earn for the first time in our history next year.Â Letâ€™s throw in some firewood. No one will lend us any more money,Â or rather, no one is capable of lending us that much money.Â Essentially, weâ€™re looking at bankruptcy in the very near future.
TheÂ Republicans insists on an immediate halt on any further spendingÂ until the deficit is brought under control. The Democrats fear thatÂ such an action will throttle economic growth and spook our lenders,Â and consequently, destabilize the financial sector and create aÂ domino like effect that will result in the collapse of our economy;Â hence the proposal to yet again raise the debt ceiling and pay for itÂ by increase tax rate even higher..Â You worried yet? Join the club,Â and start paying attention to the numbers quoted by the candidatesÂ here.
â€˘ The United States must quit spending beyond its means.
â€˘ The budget must be balanced.
â€˘ The U.S. should live within its means and pay down the deficit.
â€˘ I would give up the American empire to reduce debt without sacrifice.
â€˘ I think spending should be based on the Constitution.Â If all spending had to be justified by the Constitution our spending would be drastically reduced.
â€˘ We cannot afford the wars in the Middle East.
â€˘ I do not believe that government should bail out private enterprise nor seek to control it. Such acts have ruined our budget.
â€˘ I support a Balanced Budget Amendment and on-budget accounting.