Title: Waupun Convention of States Meeting: National Debt
Original CoS Document (slug): waupun-convention-of-states-meeting-national-debt
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Created: 2023-05-22 14:19:02
Updated: 2024-03-26 09:12:20
Published: 2023-05-21 01:00:00
Converted: 2025-04-14T21:24:52.851396911
Convention of States Meeting: National Runaway Debt
Date / Time:
Thursday May 25
6:30PM – 7:30PM
Location:
Waupun Public Library
123 S Forest St, Waupun, WI
In this first meeting, we will go into detail on the federal debt and how a Convention of States could propose amendments that would get our finances on a more stable track. One of the three subject areas of our COS Resolution is to impose fiscal restraints on the federal government.
We have many problems in our country but this one may be the most important.
The national debt currently stands at approximately $31 trillion and is at the highest level as a percentage of GDP (gross domestic product) since WWII. The actual debt of unfunded liabilities is closer to $150 trillion.
The entire net worth of our country is approximately $150 trillion and includes the wealth of everyone including the top 1%.
What is our federal government (both parties) doing about this? The answer is absolutely NOTHING except making it worse.
There are two federal non-partisan agencies that advise Congress on our financial situation: the CBO (Congressional Budget Office) and the GAO (Government Accountability Office). These agencies have shown the historical US debt and the simulations of debt going into the future with the graph below.
We are on a trajectory that will bankrupt the country within three generations and the economic collapse will likely occur in the next 25 years on our current path. Our federal government agencies (CBO & GAO) are both warning about the coming crisis!
