The National Debt – The Scale of the Problem (8/11/11) - WDRB 41 Louisville News

The National Debt – The Scale of the Problem (8/11/11)

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I'm sure people would be even angrier about the national debt situation if they truly understood its scale. But judging from some of the calls we've received, I'm convinced many don't realize just how far over the edge we've gone.

For instance, many insist the problem could be solved if we just cut lawmakers' salaries in half. But our current debt is approximately 14 TRILLION dollars. Sure, they make a lot. But does anyone really think our legislators earn a total of 28 trillion dollars a year?

Another person said we don't need any new taxes, but the government DOES need to confiscate any oil profits exceeding a certain amount.

Well, sorry, but that's a tax. And under that plan, if all the oil companies reached their maximum by, say, June, not many people would be driving to Grandma's for Christmas.

And a couple of people suggested cutting a single penny from every dollar of every government program. That couldn't hurt much – right? Except given our total 2012 budget, that would only equal about 36 billion dollars. That'd be like trying to pay off a $300 debt 77 cents at a time – while the interest keeps accruing.

Yes, I complain about the debt. But it's not a simple problem. And only when we really understand its scale will there finally be enough urgency about solving it.

I'm Bill Lamb, and that's my…Point of View.

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