Congressman: United States’ economic decline only ‘eight or nine years behind Greece’
House Budget Committee member Rep. Tom McClintock (R-Calif.) during a House Financial Services Committee said the rate of U.S. economic decline is just a few short years away from being in the same boat as Greece, in large part because the U.S. national debt burden comes out to $152,000 per family.
“Every trillion dollars that we go deeper in debt is $8,000 of additional debt per family,” he explained. “And that is not a theoretical number. That is debt you owe just as surely as if it appeared on your credit card statement this month.”
The $19 trillion in debt translates to a $152,000 bill for the average family — and the national debt continues to increase.
The Congressional Budget Office (CBO) estimates that federal spending in 2016 will cause the debt to increase by another $544 billion. This means every day the government spends $1.5 billion more than it takes in revenue.
American families cannot afford to owe more than we take in. It’s time for Congress to rein in spending for the sake of future generations. Click here to help Tea Party Patriots to urge lawmakers to stop the out-of-control spending and pass a commonsense spending plan that would balance our budget within five years!