Today’s national debt—the public debt that government has accumulated to finance its out-of-control spending—is approximately $14.3 trillion. To put that into perspective, the government’s annual budget for 2011, which is in itself bloated, is roughly $3.7 trillion. And to put the future health of our economy in perspective, President Obama proposed in his 2012 Budget proposal that we add $9 trillion to that debt over the next ten years.
Our government borrows nearly 40 cents on every dollar it spends. And the more we borrow, the higher these projections go. In other words, our national debt isn’t a problem…it’s a crisis.