Tweet of the Week: Debt Raises by a Trillion Dollars
Todd Thurman /
Government spending is increasing at an alarmingly quick rate. This is especially true when it comes to entitlement programs. In fact, entitlement spending will consume all tax revenue by 2052. But Congress is already spending at a breakneck pace accumulating unprecedented debt.
Sen. George LeMieux noticed this and had a very interesting observation when he tweeted:
Today the debt hit 13 trillion. The debt increased a trillion in less than a year. It took 191 years to amass the first trillion in debt.
Sen. George LeMieux
George_LeMieux
This is very troubling because we are only going to get more marred in debt unless something is done to reform spending. Since Alexander Hamilton assumed all the war debts from the original 13 colonies, America has always been in debt. Only Andrew Jackson has been able to make us debt free, but in 25 years, unless we reform entitlement spending, debt will consume more than 180 percent of the economy.
Heritage has put together a Federal Budget Chart Book that graphically illustrates our growing problem. Something needs to be done about spending before our debt consumes us.