- The most telling chart in the CBO analysis is titled “Spending Is The Problem,” in other words, no matter how fast the economy might grow, no matter how high tax rates are raised, etc., spending is the issue, nothing else.
- By 2020, the national debt level held by the public will get to $23.6 TRILLION, equal to 85.6% of annual GDP, a dangerously high level.
- As an illustrative example, any American kid born in 2016 immediately has a per capita debt burden of $42,537 on day one of their life.
- But by age 18, that same poor soul will have seen his or her debt burden grow to $68,545 and by age 34 that debt burden will be $116,904.
- Thus, if the political class cannot get their wasteful spending under control, someone born today will see their part of the national debt more than triple in the first 34 years of their life.
- A major driver of the national debt crisis is that the political class has refused or does not know how to get Medicare, Medicaid, and Social Security on a solid financial basis.
- Just those three programs will cost the Federal government almost $2 TRILLION just in 2016.
- But those programs are just one of thousands of government programs that waste billions of dollars on duplicate programs, fraud, and downright unnecessary expenditures.
- Recent news reports reported that the Federal government spent a whopping $125 billion in 2015 in so-called “improper payments,” payouts to people and organizations that did not deserve them.
- Federal authorities have filed criminal charges against more than 12 school principals in the Detroit school system as a result of they allegedly taking part in a kickback scheme.
- The kickback scheme involved the principals falsifying fake school supply orders at the same time that the Detroit school system was hurting for money.
- Detroit businessman Norman Shy supposedly paid $908,500 in payments to the school principals in return for receiving a series of Detroit Public Schools (DPS) contracts to provide about $2.7 million in school supplies.
- According to court papers, the principals submitted fake orders for supplies from Shy that were never delivered.
- Cara Flowers, assistant superintendent for Detroit’s special education department, is accused of making the most money in the kickback scheme, a whopping $324,000.
- The alleged kickbacks included cash payments, gift cards, and free home repairs.
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