Editorial: Debt Crisis - WSFA.com: News Weather and Sports for Montgomery, AL.

Editorial: Debt Crisis

Posted: Updated:
  • EditorialsMore>>

  • Editorial: "Viewer Feedback: Consequences"

    Editorial: "Viewer Feedback: Consequences"

    Thursday, July 17 2014 7:20 PM EDT2014-07-17 23:20:05 GMT
    Our editorial earlier last week focusing on recent arrests of Alabama and Auburn football players lead to the following feedback on wsfa.com and our WSFA 12 News station Facebook page…here is just a sampling:More >>
    Our editorial earlier last week focusing on recent arrests of Alabama and Auburn football players lead to the following feedback on wsfa.com and our WSFA 12 News station Facebook page…here is just a sampling:  
    More >>
  • Editorial: "Consequences"

    Editorial: "Consequences"

    Tuesday, July 15 2014 7:20 PM EDT2014-07-15 23:20:05 GMT
    It's been a bumpy start for the two highest profile college football programs in Alabama and maybe the country. Since April three University of Alabama football players have been arrested (2 for DUI andMore >>
    It's been a bumpy start for the two highest profile college football programs in Alabama and maybe the country. Since April three University of Alabama football players have been arrested (2 for DUI andMore >>
  • Editorial: "Surely We Can Do Better"

    Editorial: "Surely We Can Do Better"

    Thursday, July 10 2014 7:20 PM EDT2014-07-10 23:20:08 GMT
    A month ago I editorialized on the importance to get out and vote in our Alabama primary elections that were held on June 3rd.  At that time, before the elections took place, our Alabama Secretary of StateMore >>
    A month ago I editorialized on the importance to get out and vote in our Alabama primary elections that were held on June 3rd.  At that time, before the elections took place, our Alabama Secretary of StateMore >>
MONTGOMERY, AL (WSFA) -

Our nation's debt is currently north of $14 Trillion dollars. That's right TRILLION with 12 zero's. 

You might be thinking – no problem our government just passed "historic" budget cuts of $38 billion last week - this should fix everything and get us back on the track to solvency right?  Wrong.

Let's take a look at March 2011.  In March, according to the U.S. Treasury, the federal government grossed or took in $194 billion in tax revenue and paid out $65.8 billion in tax refunds thus netting $128.1 billion in tax revenue for March.  Great news right – we had a surplus of $128 billion in revenue and can fund programs, build roads, improve education and pay down debt? Wrong.

At the same time, the U.S. Treasury paid out a total of $1.1 trillion. When the $65.8 billion in tax refunds is deducted from that, the Treasury paid a net of $1 trillion in federal expenses for March.  That works out to 8.2 times more in spending than the $128 billion in net federal tax revenues taken in for the month.  We are spending money we do not have.

The time for a reality check is now. The line is long for those who do not  want increases in taxes, programs to be discontinued, schools to close or take a pay cuts but everyone has to realize that if we do not institute and support fundamental fiscal policy changes now – tomorrow will not be a better day for this great nation or this great state of Alabama.

We welcome your feedback. 

Copyright 2011 WSFA 12 News. All rights reserved.

Powered by WorldNow