Emken for U.S. Senate Policy Paper: Reducing the National Debt
The IOU for our fiscal insanity has arrived.
- Total Debt Issued: $11,751,971,654
(172.9% increase from 2011)
- Total Long-Term Debt Issued: $10,036,070,654
(139.6% increase from 2011)
- Total Short-Term Debt Issued: $1,715,901,000
(1,368.8% increase from 2011)
Elizabeth Emken clearly delineates measures (Please see Elizabeth on the Issues) to restore solvency to CA as well. While Dianne Feinstein knows but one thing, tax and spend.
Elizabeth served in management, financial analysis, and corporate operations at IBM. As an efficiency and cost cutting expert, Elizabeth utilized activity-based cost analyses to identify administrative savings across IBM U.S. – helping streamline operations, eliminate waste, and save the company millions of dollars.
Elizabeth graduated from UCLA in 1984 with degrees in Economics and Political Science. Her studies included course work at Cambridge University, where she focused on political and economic issues in China and the Middle East.
She know full well in order to make California once again a magnet for business and new job creation it doesn’t take a rocket scientist. It’s quite simple but abhorrent to Mrs. Feinestein. Cut taxes, while cut spending; in doing so, California once again will generate an enormous tax base from new companies and their employees.
Perhaps the 79 year old Feinstein is in capable of grasping the simplicity of an economic policy that works. This is just one of many reasons have decided it’s time to send Diane Feinstein from Washington. California voters and all of Californians deserve better, especially the children and young adults. That is why the will be voting for Elizabeth Emken for U.S. Senate. She will represent our state and country well. Her outstanding plan follows below.
During Dianne Feinstein’s current Senate term, the debt has grown another $6.5 trillion. It now exceeds $15.7 trillion; a total that is greater than the output of our entire economy. Within ten years, the United States will be spending more on interest payments on the national debt than on national defense. We must change course and begin a plan that reduces the debt and over time is aimed at eliminating it. It cannot happen overnight, but it can and must start now.
At the end of 2001 the total federal debt was $5.9 trillion with $3.4 trillion publicly held and $2.5 trillion “borrowed” from the Social Security Trust Fund. That “borrowed” money has been spent and now that millions of baby boomers are set to retire, it will need to be repaid. Problematic, because as of today the total federal debt is $15.7 trillion, the publicly held federal debt is $10.5 Trillion and the “borrowed” Social Security debt is $5.1 trillion.
It’s no longer “Bush’s fault.” Even if the 2001 tax cuts are ended, it’s estimated that our total debt will grow by an average of more than $700 billion each year between now and 2021. The total federal debt will reach $26.3 trillion in 2021 and the publicly held federal debt will reach $19.0 trillion.