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US Trade Balance
In 2007, the US had the worst trade balance in the world. The US total trade deficit was $816,000,000,000. The deficit for just 2007 was $808,765. https://www.youtube.com/watch?v=O_TjBNjc9Bo @ 17:52 https://www.census.gov/foreign-trade/balance/c0004.html#2007 -
Budget Control Act of 2011
In 2010, America’s national debt had reached $13,561,623,030,891.79. The budget control act was signed into law by President Barack Obama on August 2, 2011 and included options for a balanced budget amendment and automatic budget sequestration. The cuts in budget were projected to total $1.2 trillion and were scheduled to begin in 2013 and end in 2021. https://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm -
Faulty Leadership
On Aug. 2, 2011, Congress created the Joint Select Committee on Deficit Reduction, better known as the Super Committee, under the Budget Control Act of 2011. By Nov. 21, 2011, Congress failed to pass the Super Committee’s recommendation on deficit reduction plan of enacting $1.5 trillion in spending cuts; they bickered over the issue and punted it in Capitol Hill. http://www.valuesandcapitalism.com/america-s-leadership-deficit/ -
US Account Balance
In 2015, US had lowest account balance in terms of net trade in goods and services, net earnings, and net payments. The US has an account balance of -$484,100,000,000. https://www.cia.gov/library/publications/the-world-factbook/rankorder/2187rank.html -
Debt of Americans
In 2015, the total credit card debts of Americans reached $12.12 trillion while the debt of an average household in 2015 was $130,992. America saw a large increase in household debt after 2007 followed by a significant decline until 2015, however, median household income also primarily declined during those years. Because of this, Americans are unable to allocate their money to long-term savings.
https://www.nerdwallet.com/blog/credit-card-data/average-credit-card-debt-household/ -
Current National Situation
As of now, the US National Debt is over $19 trillion and still climbing. The Federal Budget deficit is over $519 billion. The programs using the most money are Medicare/Medicaid at over $1 trillion, Social Security at over $903 billion, and Defense/War at over $587 billion. http://www.usdebtclock.org/
