Some interesting facts From U.S. National Debt Clock:
$13.7 trillion is the national debt (total amount we owe). In 2000, it was $5.6 trillion; in 2004 it was $7.5 trillion. In 2008, it was $10 trillion.
$1.3 trillion is our national budget deficit (the difference between revenue coming in and national expenses, such as social security, medicare/medicaid). In other word, we pay out more than we take in. In 2000, we had a budget surplus. In 2008, our deficit was $418 billion.
$16 trillion is our total personal debt (includes all of our mortgages, credit card debt...). In 2000, it was $8 trillion. In 2004, it was $12 trillion. And here's proof that people began paying down debts during the recession--in 2008, our personal debt was $17 trillion, which means we paid off $1 trillion worth of debt in the past couple of years.
Judging from negative reaction by republicans and democrats to the fiscal commission's draft proposal to reduce our debt and deficit, no one truly wants make any sacrifices or compromises. It's just not the American way. The draft (the final proposal is due Dec. 1) needs bipartisan approval. But it is a nonstarter because of the politics surrounding it.
We could solve our problems, if only issues could be stripped of political ideology from the left and the right.
Read: The disappointing liberal reaction to the proposal from a liberal.Some of what's in the proposal--click through to watch the video:
This is the American Way: