Elizabeth Warren, Senator from Massachusetts ran an ad for her residents during the opening ceremony for the Olympic games, according to The New York Sun. The ad, from the Senator who wants the post office to get into payday loans, states:
Why aren’t we rebuilding American? Our competitors are putting people to work. Building a future.
China spends 9% of its GDP in infrastructure. America? We’re just 2.4%.
According to the article by Ira Stoll, editor of Future of Capitalism:
The first problem is mathematical. U.S. gross domestic product is about $15 trillion a year. Increasing infrastructure “investment” to the 9% Chinese level that Ms. Warren cites would mean an additional $1 trillion a year in government spending. That’s an immense spending increase. To put it in context, the entire federal government spent about $3.6 trillion in 2011, on revenues of about $2.3 trillion.
From where is the money to come? Mr. Stoll ask. Since she’s already promised to raise the estate tax, among other things, to pay down the debt. He also points out that China can spend that money because of their lack of freedom.
And their people work for $12 a day max. A little different than union workers here.
According to the Center on Budget and Policy Priorities, we spend 6% on the interest of the national debt. How about eliminating the private Federal Reserve? We borrow from ourselves from a private cabal of bankers who charge us interest and charge us to print money. That’s 220-billion dollars.
Another obvious cut would be NOBamacare. How many trillions of dollars will this cost us? How much has Health.gov cost us?
How about just stop pushing the button on the debt elevator?
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