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Our Looming Debt Crisis
and the Congress App
Thank you to the Private Enterprise Research Center, Texas
A&M University and Congressional Budget Office for data and
charts
Cause and Effect
Time to
Delete the
Congress App
Newsflash
• Our Total Federal Debt is now
$341K for every American
• That’s >6 years salary for the average
American family and 2x their mortgage
• It’s 12 years of all government revenues
• And we’ve hidden half of it in Medicare
and Social Security promises
• The recent tax cut and spending bills
mean $12 Trillion more in 10 years
says Congress’ own accountants
• That’s another $100K per family by the
time my 5 year old gets to high school
Debt Bubble
reaching un-
sustainable
levels
CBO
Where we were was manageable
Where we are is unsustainable
Where we will be is very scary
Back to
WWII levels,
except it’s
not wartime.
CBO
Where we were was somewhat manageable
Where we are is ultra high Wartime only levels
Where we will be is OMG WTH Land,
even if this were all the Debt
Not living within our means is
getting worse, not better.
No matter who was in control.
Private Enterprise Research Center, Texas A&M University
Would you
like a Side of
Debt with
That?
2017 2028
Social Security 939$ 1,750$
Medicare 591$ 1,260$
Medicaid 375$ 655$
Other 614$ 860$
Defense Spending 610$ 769$
Non-Defense Spending 590$ 839$
Interest 263$ 915$
Total Spending 3,982$ 7,048$
Breakdown of Federal Spending and Income
Every category growing rapidly, deficits more than
doubling, and more deficit growth than GDP growth
CBO
2017 2028
Payroll Taxes 1,162$ 1,780$
Other 270$ 368$
Corporate Income Taxes 297$ 448$
Income Taxes 1,587$ 2,924$
Total Income 3,316$ 5,520$
Why is this only an
Issue Now?
• We’re only able to finance our
current debts with historically low
interest rates and hiding it off
balance sheet
• We can’t handle the next $12
Trillion deficit from tax cuts/
spending increases
• This isn’t all the debt, Medicare
and Social Security are just as big as
the Debt
Those Chickens are Coming
Home to Roost Fast
2017 May be Ugly
But increases in the
Next 10 Yrs will be
Horrendous
No silver bullet
alone will fix it
And no Republicans, we can’t grow our way out
when Federal Debt is outgrowing the entire GDP
We need that
chart to look
something like
this:
$(743) $(614) $(610) $(590)
$(263)
$(666)
$743
$66
$(26) $(69)
$(190)
$1,444
$(1,000)
$(500)
$-
$500
$1,000
$1,500
$2,000
ENTITLEMENT
DEFICIT
MANDATORY
OTHER
DEFENSE
SPENDING
NON-DEFENSE
SPENDING INTEREST TOTAL DEFICIT
FEDERAL ANNUAL $BILLIONS IN SPENDING
2017 NEW INCREASES IN 10 YRS
It’s Not Too Late,
Yet . . .
• Start living within our means
• Within 1 Senator’s term
• Shore up entitlement deficits
• Across the board spending freeze
• Find a mere 1% less each year in
government spending
• Even without new taxes
• THEN let economic growth be our rising tide
• Or kick the can again, and deal with the
inflation, higher taxes, weaker dollar and
lower social security and medicare benefits
in 10 years
So why haven’t we?
A. Our elected officials are lazy, incompetent,
or worse?
B. Nobody in Washington can do math?
C. It’s the other party’s fault?
D. Neither party has the political will or wants
to be seen to compromise
E. Kicking the can down the road to my
preschool daughters is easier
But wait,
there are
more chickens
Ugh, nominal
Federal Debt
isn’t the only
thing that
Ballooned
Private Enterprise Research Center, Texas A&M University
Social Security
and Medicare
Liabilities Have
Also Doubled
to $20 Trillion
So No
Democrats,
Single payer
Healthcare
isn’t the Fix
Since we’ve
not even paid
for the last
generation’s
healthcare yet
$43 Trillion in
Total Federal
Liabilities
12x Total
Revenues Private Enterprise Research Center, Texas A&M University
From 145%
of GDP to
229% in 10
Years
Private Enterprise Research Center, Texas A&M University
This is before
that next
$12 Trillion
we just
signed up for
Best time to plant a tree?
20 years ago. 2nd best
time? Today.
1st rule of holes, when in
one, stop digging.

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The Congress App and Our Looming Federal Debt Crunch by Neal Dikeman, Libertarian Nominee for US Senate from Texas

  • 1. Our Looming Debt Crisis and the Congress App Thank you to the Private Enterprise Research Center, Texas A&M University and Congressional Budget Office for data and charts Cause and Effect
  • 3. Newsflash • Our Total Federal Debt is now $341K for every American • That’s >6 years salary for the average American family and 2x their mortgage • It’s 12 years of all government revenues • And we’ve hidden half of it in Medicare and Social Security promises • The recent tax cut and spending bills mean $12 Trillion more in 10 years says Congress’ own accountants • That’s another $100K per family by the time my 5 year old gets to high school
  • 4. Debt Bubble reaching un- sustainable levels CBO Where we were was manageable Where we are is unsustainable Where we will be is very scary
  • 5. Back to WWII levels, except it’s not wartime. CBO Where we were was somewhat manageable Where we are is ultra high Wartime only levels Where we will be is OMG WTH Land, even if this were all the Debt
  • 6. Not living within our means is getting worse, not better. No matter who was in control. Private Enterprise Research Center, Texas A&M University
  • 7. Would you like a Side of Debt with That?
  • 8. 2017 2028 Social Security 939$ 1,750$ Medicare 591$ 1,260$ Medicaid 375$ 655$ Other 614$ 860$ Defense Spending 610$ 769$ Non-Defense Spending 590$ 839$ Interest 263$ 915$ Total Spending 3,982$ 7,048$ Breakdown of Federal Spending and Income Every category growing rapidly, deficits more than doubling, and more deficit growth than GDP growth CBO 2017 2028 Payroll Taxes 1,162$ 1,780$ Other 270$ 368$ Corporate Income Taxes 297$ 448$ Income Taxes 1,587$ 2,924$ Total Income 3,316$ 5,520$
  • 9. Why is this only an Issue Now? • We’re only able to finance our current debts with historically low interest rates and hiding it off balance sheet • We can’t handle the next $12 Trillion deficit from tax cuts/ spending increases • This isn’t all the debt, Medicare and Social Security are just as big as the Debt
  • 10. Those Chickens are Coming Home to Roost Fast
  • 11. 2017 May be Ugly But increases in the Next 10 Yrs will be Horrendous No silver bullet alone will fix it
  • 12. And no Republicans, we can’t grow our way out when Federal Debt is outgrowing the entire GDP
  • 13. We need that chart to look something like this: $(743) $(614) $(610) $(590) $(263) $(666) $743 $66 $(26) $(69) $(190) $1,444 $(1,000) $(500) $- $500 $1,000 $1,500 $2,000 ENTITLEMENT DEFICIT MANDATORY OTHER DEFENSE SPENDING NON-DEFENSE SPENDING INTEREST TOTAL DEFICIT FEDERAL ANNUAL $BILLIONS IN SPENDING 2017 NEW INCREASES IN 10 YRS
  • 14. It’s Not Too Late, Yet . . . • Start living within our means • Within 1 Senator’s term • Shore up entitlement deficits • Across the board spending freeze • Find a mere 1% less each year in government spending • Even without new taxes • THEN let economic growth be our rising tide • Or kick the can again, and deal with the inflation, higher taxes, weaker dollar and lower social security and medicare benefits in 10 years
  • 15. So why haven’t we? A. Our elected officials are lazy, incompetent, or worse? B. Nobody in Washington can do math? C. It’s the other party’s fault? D. Neither party has the political will or wants to be seen to compromise E. Kicking the can down the road to my preschool daughters is easier
  • 17. Ugh, nominal Federal Debt isn’t the only thing that Ballooned Private Enterprise Research Center, Texas A&M University Social Security and Medicare Liabilities Have Also Doubled to $20 Trillion So No Democrats, Single payer Healthcare isn’t the Fix Since we’ve not even paid for the last generation’s healthcare yet
  • 18. $43 Trillion in Total Federal Liabilities 12x Total Revenues Private Enterprise Research Center, Texas A&M University
  • 19. From 145% of GDP to 229% in 10 Years Private Enterprise Research Center, Texas A&M University This is before that next $12 Trillion we just signed up for
  • 20. Best time to plant a tree? 20 years ago. 2nd best time? Today. 1st rule of holes, when in one, stop digging.