WHO IS GOING TO PAY THIS?
The Outstanding Public Debt as of 27 Feb 2011 at 11:45:12 PM GMT is:
$ 1 4 , 1 3 2 , 4 2 6 , 2 4 3 , 4 1 1 . 2 0
The estimated population of the United States is 310,111,280
so each citizen’s share of this debt is $45,572.11.
Where does this money go?
Who is responsible?
I am quite surprised by the number of people who don’t know this answer.
All to often see graphs like this.
Conventional mainstream wisdom would have the president bear responsibility for the budget. In reality the president only holds veto power over the budget.
Yes, the president submits a budget to the congress in February but ultimately it is the congress who decides, how this got like this I don’t know but I think it should be changed back.
Here is a link to article 2 of the constitution, the powers of the president.
The president is not constitutionally required to submit a budget to the congress, however the congress is required to submit a budget to the president for approval.
Article 1 Section 8 of the U.S. Constitution
The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;
So when it comes to tax and spending it is and always has been the responsibility of the congress.
Why does the government spend so much money?
Because the government is to big. The government has stepped outside of its constitutional boundaries and has taken on more than it is obligated to do, now we have a mess as a result.
Question: What is the federal government obligated to do?
Hint: Read the Constitution and you will see.