Not only did she show a complete ignorance of economic principles, I'll bet she doesn't run her household budget that way. Total global debt now stands at nearly $250 trillion.
$250,000,000,000,000. That's a lot of money. It will eventually bankrupt the world, and when it does, it will make the great depression of the 1930s look like prosperous times.
The U.S. debt is $22 trillion, but this number does not include unfunded liabilities, such as future social security and medicare costs. These liabilities are estimated at over $200 trillion -- for the U.S. only.
Mitchell's six points:
- Principle #1 – America’s fiscal problem is a government that is too big and growing too fast.
- Principle #2 – Entitlement programs are the main drivers of excessive spending.
- Principle #3 – Deficits and debt are symptoms of the underlying problem.
- Principle #4 – Existing red ink is small compared to the federal government’s unfunded liabilities
- Principle #5 – A spending cap is the best way to solve America’s fiscal problems.
- Principle #6 – Increasing taxes will make a bad situation worse.