As of June, 2018 the Annual Deficit hovers around 985 billion dollars. This equates in words, the United States is over budget 985 billion dollars for the year 2018. Accumulative Annual Deficits through the years is called the National Debt and that number hovers around 21 trillion dollars. For the United States to finance itself with an Annual Deficit of 985 billion dollars it has to borrow from its citizens, corporations and banks. This alone would leave the Country;s finance system insolvent hence it has to borrow from other countries; The six top United States creditors are:
China; 6.2 trillion dollars, 29 per cent of the Debt,
Japan, 1.3 trillion dollars, 4.9 per cent of the Debt,
Brazil and Ireland, 300 billion dollars apiece; 2.8 per cent of the Debt,
United Kingdom, 275 billion dollars, 1.3 per cent of the Debt,
Switzerland, 237 billion dollars , 1.1 per cent of the Debt.
Now what are the financial condition (the National Debt) of the above countries:
China’s National Debt is estimated to be 41 per cent of its GDP.
Japan’s National Debt is estimated to be (a staggering) 253 per cent of its GDP.
Brazil’s National Debt is estimated to be 83 per cent of its GDP,
Ireland’s National Debt is estimated to be 73 per cent of its GDP,
United Kingdom’s National Debt is estimated to be 86.5 per cent of its GDP, and ,
Switzerland’s estimated National Debt is estimated to be 43 per cent of its GDP.
Any person with a fifth grade mathematical ability can see that this entire scenario approaches the point of not return.
What can be done? The Government should promote bond issues as it had to pay for the World War 11 debt.
There has to be Federal Budget cuts that are not cosmetic acts. – Much of what is a Federal Agency should be the responsibility of each individual State. For example: there is Department of Transportation explained in the World Almanac: Promotes and develops rapid, safe, efficient.. and convenient transportation…monitors safe and administers assistance to transport industries, negotiates and implements international transportation agreements…manages airspace (does not the Federal Aviation Administration does this?) Comment: Each State should have its own Department of Transportation as each State should have its own Environment Protection Agency. – The Federal Government can no longer finance the responsibility of each State.