The National Debt and the Congressional Supercommittee

   On November 16, 2011,  the National Debt of the government of the United States reached $ 15 TRILLION.  This total debt computes to $ 133,344 for each taxpaying citizen of the United States. 

   The total federal tax revenue for the fiscal year is about $ 2TRILLION 299 Billion.  The total federal spending for the fiscal year is about $ 3TRILLION 602 Billion.  This leaves the yearly budget deficit at $ 1 Trillion 302 Billion. 

   The costs of the three largest expenses are: 1) Medicare/Medicaid = $ 824.6 Billion, 2) Social Security = $ 722.9 Billion, and 3) Defense/Military/Wars = $ 701.3 Billion. 

   The Gross Domestic Product ( GDP ) was about $ 15 TRILLION.  Spending by federal, state, and local governments computed to 46.5% of GDP.  The U.S. population is 312.6 million.  The official figure for the unemployed is 13 Million 896 thousand.  It is validly debated that the real number of unemployed Americans is 25 million. 

   In 2011, there were 1,595,899 bankruptcies in the U.S. so far.  In 2011, there were 1,031,130 foreclosures so far. 

   The above figures are extremely accurate and probably reach and exceed the 99% level of accuracy.  While these numbers may be disturbing to some people, the U.S. Congress appointed a ” Super Committee ”  that must report on or before November 23, 2011.   This super committee will produce a super plan to cut $ 1.2 Trillion from the federal deficit. can hardly wait for this new congressional scam.

                               R. Van Conoley

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