What the National Debt and Deficit are Costing You

 Back when I was working in TV news, being cognizant of the importance that local newscasts should provide local news,  when we decided to use a national story, we would always try to “localize” it.  With that in mind, when I decided that I was beginning to feel so concerned about the national budget mess we are in right now that I wanted to do a blog post on it, I tried to figure out how to “localize” it. 

When we say the national debt is now more than $12 trillion,  that’s the big picture.  Maybe to bring it home to each of us, our share is more than $40 thousand each, according to the U.S. National Debt Clock.

 A large share of that debt is generated by defense spending.  That hits home. The Columbus area economy relies heavily on Fort Benning which pumps millions into the stores,  real estate businesses,  and just about everything else.  The annual payroll at Fort Benning is $1.1 billion.  The monthly payroll is $87 million.  Sure, we have to pay our part of the taxes that go into the Defense Department treasury, but we probably get a lot more back than we pay.  The point is that the defense budget directly impacts on us big time. 

Nationally, the proposed defense budget for Fiscal Year 2011 is $708.2 billion.  The base budget, which does not include overseas “contingency operations,” which I suppose means Afghanistan and Iraq, is $548.9 billion, which is $18 billion more than the 2010 budget.

 According to the National Priorities Project Cost of War  Counters, so far, since 2001,  the Iraq and Afghanistan Wars  have cost America a little more than a trillion dollars.  Bringing  that to the local level, folks in Georgia have paid more than $27.6 billion.  The counters don’t list Columbus, so I’ll have to go to a city of about the same size, Augusta, where the cost of the wars has been more than $512 million

Can we afford that?  That opens up a huge can of worms, but just on the fiscal basis,  let’s just ask, can we pay for itNot with our own money.  Incredibly, we lowered taxes when we went to war 8 years ago.  You spend more than you take in, you have to borrow, which leads us to our next post on the fiscal crisis we face. Stay tuned

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