Near the end of 2012, the United States fell to an overall debt of $16 trillion. And it keeps growing. $1.5 trillion is added each year, despite the fact that our yearly revenues have recently stagnated at around $2.2 trillion. Our country's interest on the debt we've amassed surprisingly hovers around the 2% mark. These rates will not get lower, and will likely increase significantly. If interest rates on federal debt were to jump to 10%, then at the projected rate of spending, by year 2020, our current revenue of $2.2 trillion would only service the debt our country will have amassed. It's clear that with these numbers, our spending is completely unsustainable.
Democrats seek to address spending through tax increases. Obamacare alone contains $500 billion in tax increases. Unfortunately, more taxes will only hinder economic growth, and will only slightly (and temporarily) address the huge deficits we continue to face. We must cut taxes in order to put money back in the hands of those who earned it, which will foster growth in the private sector.
Once our tax system is addressed, our country must address the outflow of funds. We cannot continue to increase our debt limit. We must prioritize the implementation of a Balanced Budget Amendment. We must live with our country's means. Nearly every federal department in the government could survive on less. Some reforms could remove federal involvement from unnecessary programs altogether. As your Congressman, I will work toward decreased federal spending every day.