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

Editorial: Debt Crisis

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By Collin R. Gaston - bio | email

  • Editorials

  • Thursday, May 16 2013 7:20 PM EDT2013-05-16 23:20:04 GMT
    In my editorial on Tuesday I chided our legislators for being the last state to pass a no-brainer  bill legalizing home brewing.  Today I want to challenge them to be one of the first states to pass another no-brainer;
    In my editorial on Tuesday I chided our legislators for being the last state to pass a no-brainer  bill legalizing home brewing.  Today I want to challenge them to be one of the first states to pass another no-brainer;

  • Tuesday, May 14 2013 7:20 PM EDT2013-05-14 23:20:07 GMT
    Kudos, or perhaps, cheers to the Alabama Legislature for passing HB9, the home brewing bill. Legalized home brewing may not be up there with education reform or prison funding, but it was overdue. 
    Kudos, or perhaps, cheers to the Alabama Legislature for passing HB9, the home brewing bill. Legalized home brewing may not be up there with education reform or prison funding, but it was overdue. 

  • Thursday, May 9 2013 7:20 PM EDT2013-05-09 23:20:06 GMT
    What was the old Pan-Am gas station at the corner of Bibb and Coosa is now no longer.  Last weekend that landmark was demolished with nothing remaining where it once stood other than the outline of a foundation. What
    What was the old Pan-Am gas station at the corner of Bibb and Coosa is now no longer.  Last weekend that landmark was demolished with nothing remaining where it once stood other than the outline of a foundation. What
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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. 

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