Corruption and Greed in College Admittance bribes and the national debt

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Corruption and Greed in College Admittance bribes and the national debt

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Originally aired on March 13, 2019 on Faith Radio with Carmen LeBerge, Bill discusses the corruption and greed revealed in the recent college admittance bribe scandle. We also discuss Trump’s 10-year budget that adds $10T to our national debt.

Here are the notes we used to air this spot:

1. Trump’s proposed 2019 budget calls for the addition of $7.5T of debt over the next 10 years.
   1. Two kinds of debt at the Federal level:
      1. Public debt – $16.2T (today)
      1. Intragovernmental debt – $5.8T (today)

1. Trumps budget calls for an increase of public debt to $23.6T by 2028 (Table S-1)
2. Calls for the shrinking of our deficits to 1.1% of GDP by 2028 – Today: 4.4%
3. Calls for national debt to be 72.6% of GDP by 2028 – Today: 78.8%
4. We pay $389B each year just on interest for our national debt. – projected to grow to $914B in 2028.
5. Our entire budget in 1984 was only $851B.  In just under 45 years, our Federal budget will have ballooned from $851B to over $5.5T by 2028
6. Deficits = amount of debt we incur in one fiscal year;  Debt = total summation of our deficits since the inception of our country
7. Our 50 states have a combined debt of $7.7T
8. Unfunded Medicare future liabilities plus Federal Employee and Veterans Benefits total $87T
9. Total personal debt is $19.5T
10. Liability per tax payer has exceeded $1M
11. As a society, we are happy to fund most of what we want from government, but not all of it – so we borrow to pay for the services and goodies we get from government
12. Every President since I can remember has campaigned against the growing debt and then added to it once in office
13. Which is more responsible?  To take  the wealth of future generations to pay for our government services today or full fund our government today?
14. In business – which is more responsible?  To continuously borrow against future earnings to pay for today’s expenses or to fully fund today’s expenses?

What can you do personally?

1. Stay out of debt AMAP
2. Diversify your investments – if all your savings is in paper – probably not a good idea
3. Develop a lifestyle of giving – God loves a cheerful giver and rewards those who give away their wealth
4. Make sure you debt has collateral – something you can sell to cover the debt if needed

You don’t pet a burning dog

We can’t tax our way out of this mess

We can’t grow our way out of this mess

Debt is probably the #1 reason Christians are not available to God to move out in ministry.