The Half-Million Dollar Surprise
Lasee’s Notes
What if I told you that you and your family owe more than half-a-million dollars (I bet you don’t recall borrowing that money either)? Worried about the payments? You should be.
According to a recent analysis in the USA Today, federal, state and local governments have added $10 trillion in the past two years in more borrowing - 13% above inflation. Our government’s debt now stands at nearly $60,000,000,000,000 (sixty-trillion).
That’s more than $500,000 and growing for every American household. For each family it’s growing about $25,000 per year. That’s more than some people make in a year!
Should you be concerned? What should we do?
Our governments will continue to increase taxes and borrowing to cover the interest on the debt. Unless we do something different.
Who is going to make good on this debt?
Do you think our governments should be able to continue to spend more money than they take in year in and year out? (Click here to register your vote – here for Yes, there for No).
For the last several decades, Congress – under the control of both Republicans and Democrats – has increased spending, taxing and borrowing. When they don’t have enough to cover their spending, they borrow more, and more, and more.
This Washington mentality has infected many state governments and is becoming a disease increasingly popular among local governments as well. In Wisconsin, our state debt is nearly $9 billion. That’s about $6500 for a family of four and that’s just part of the government debt.
Match this with the fact that many family incomes are stagnant. With increased costs of energy, health care, taxes, and other living costs eroding modest pay raises, it is clear we have a long term issue.
Every year government gets more expensive. The price we all pay goes up.
Our government is piling up debt and continues to grow at levels we cannot sustain long term. We must get a handle on this.
Taxpayers need protection from a government that takes ever more. We must require all governments to live on a responsible budget and ask all of us before they dig deeper in our pockets. We need another check on our government. Because our government is setup on the principle of checks and balances.
The Taxpayer Bill of Rights (click here for an explanation) will put a growth ceiling on taxes, spending, and borrowing for all governments. As I have written it, it recognizes the relationship that exists between the state and local governments for the delivery of valuable government services. The delivery of government services is a federal, state, and local partnership that has to be recognized.
The Taxpayer Bill of Rights provides taxpayers with more input into how and what our government does for us and how much it costs us.
What do you think about this issue? Click on this link and send me an email with your thoughts.
------------------------------------------------------------------------------------Lasee’s Notes is a weekly column by Representative Frank Lasee, 2nd Assembly District, covering events in the Legislature and statewide.
What if I told you that you and your family owe more than half-a-million dollars (I bet you don’t recall borrowing that money either)? Worried about the payments? You should be.
According to a recent analysis in the USA Today, federal, state and local governments have added $10 trillion in the past two years in more borrowing - 13% above inflation. Our government’s debt now stands at nearly $60,000,000,000,000 (sixty-trillion).
That’s more than $500,000 and growing for every American household. For each family it’s growing about $25,000 per year. That’s more than some people make in a year!
Should you be concerned? What should we do?
Our governments will continue to increase taxes and borrowing to cover the interest on the debt. Unless we do something different.
Who is going to make good on this debt?
Do you think our governments should be able to continue to spend more money than they take in year in and year out? (Click here to register your vote – here for Yes, there for No).
For the last several decades, Congress – under the control of both Republicans and Democrats – has increased spending, taxing and borrowing. When they don’t have enough to cover their spending, they borrow more, and more, and more.
This Washington mentality has infected many state governments and is becoming a disease increasingly popular among local governments as well. In Wisconsin, our state debt is nearly $9 billion. That’s about $6500 for a family of four and that’s just part of the government debt.
Match this with the fact that many family incomes are stagnant. With increased costs of energy, health care, taxes, and other living costs eroding modest pay raises, it is clear we have a long term issue.
Every year government gets more expensive. The price we all pay goes up.
Our government is piling up debt and continues to grow at levels we cannot sustain long term. We must get a handle on this.
Taxpayers need protection from a government that takes ever more. We must require all governments to live on a responsible budget and ask all of us before they dig deeper in our pockets. We need another check on our government. Because our government is setup on the principle of checks and balances.
The Taxpayer Bill of Rights (click here for an explanation) will put a growth ceiling on taxes, spending, and borrowing for all governments. As I have written it, it recognizes the relationship that exists between the state and local governments for the delivery of valuable government services. The delivery of government services is a federal, state, and local partnership that has to be recognized.
The Taxpayer Bill of Rights provides taxpayers with more input into how and what our government does for us and how much it costs us.
What do you think about this issue? Click on this link and send me an email with your thoughts.
------------------------------------------------------------------------------------Lasee’s Notes is a weekly column by Representative Frank Lasee, 2nd Assembly District, covering events in the Legislature and statewide.
posted by John Q Cheesehead | 1:34 PM
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