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Five Takeaways from AFPís New Spending Report**

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Unread 07.22.19, 05:59 PM
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Five Takeaways from AFPís New Spending Report**

07.22.19 10:17 AM

Suppose you earned $26,000 last year, but you spent $32,000 ó meaning you borrowed $6,000, which you now have to pay interest on. Most people would say that youíre not living within your means. Whatís more, since you youíve already racked up $168,000 in debt, youíve been at this overspending thing for a while. Clearly, this isnít sustainable. Anybody would tell you that now is the time to cut back on your reckless spending and borrowing. But unfortunately, this is how the federal government ran its finances last year, by spending $6,000 more than it took in in taxes for each household in America. And the problem is only growing worse. This week, Americans for Prosperity released a new report that details just how bad the problem is. Here are five key takeaways from the report,*which show that we need to stop overspending:** 1. Our total federal debt today tops $22 trillion. Counting just publicly held debt, the federal government finds itself $15.8 trillion in the red, amounting to nearly 78% of our gross domestic product. The last time our government was in so much debt was at the height of, and shortly after, the Second World War. Thereís no […]

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