While so many of us are currently involved in one or multiple campaigns, it is easy to lose sight of what is happening around us, or I should say, how the economy is continuing to crumble around us. As I was just tweeting for my candidate, Rocky Raczkowski, http://www.rockyworksforus.com/, I came across this article worth reading. It talks about how bad things are:
The Fallout of Economic Conformity
The logical conclusion of these failed policies is economic stagnation. Here is what massive government spending and taxation has done to our economy:
1.Total government (federal, state, and local) share of the economy has exceeded the tipping point, estimated to be between 15% and 20%, which is the point when it hinders economic growth. Presently total government spending for 2010 is estimated to be about 47% of the economy.
2.Taxation must rise substantially in order to pay for government debt, health and welfare entitlements, and other fixed government costs. The 2010 estimate of federal, state, and local taxes amount to about 30.4% of GDP (about $4.480 trillion).
3.Our total government debt (federal, state, and local) is estimated to be $16.635 trillion for 2010, approximately at 114% of our GDP (2010 E$14.623 trillion). Of total government debt, federal debt is estimated to be $13.787 trillion in 2010.
Continue reading here: http://tinyurl.com/2f64ctq
Will a house full of new congressmen change this situation? I do not think that even if we take control of the house and senate we will see an immediate change. I would like to hear your opinion.