As the most recent hurdle of the tax debate recedes from the headlines; it should remain a concern for all. In 2008 the debt was 40% of GDP. In 2011 it will be 69% of GDP.
Estimates with no spending cuts, have it hit 80% in 2014. With spending cuts, that may happen in 2015 or 2016.
Gross domestic product (GDP) refers to the market value of all final goods and services produced in a country in a given period. GDP per capita is often considered an indicator of a country’s standard of living.
What this all means is that in the future there will be fewer new services offered, more limitations to current services and a whole bunch of taxes and modifications to existing tax law. The government needs to address this at all levels, federal, state, county, district and municipality. This of course after the pork, favorites and family are taken care of with are tax dollars.
Remember government has the rights to tax, spend and increase all without any concern of consequences. Incumbents are very hard to kick out of office, and since they write and vote for the laws there are seldom term limits that are enacted to protect us from career politicians.