Debt and Deficits
The national debt currently exceeds $27 trillion, and is increasing at least $100 million every hour.
As the government becomes more comfortable throwing around dollar amounts in the millions, billions, and trillions, it’s very important to really grasp the VAST difference between these amounts.
Since it’s easier to imagine an amount of time, rather than a large pile of money, here’s a handy breakdown of just how large $27 trillion is.
One Hundred Seconds = 1.6 minutes
One Thousand Seconds = 16.6 minutes
One Million Seconds = 12 Days
One Billion Seconds = 31 Years
One Trillion Seconds = 31,688 years
Twenty Seven Trillion Seconds = 855,576 years
One light year is six trillion miles. Meaning our national debt equates to about 4.5 light years if it were in miles.
This is not sustainable and it is unfair to our children and grandchildren who will have to face the consequences of our out-of-control spending. The deficit is caused by a spending problem, not a problem of taxing too little. Government programs and agencies deserve constant evaluation of how dollars are spent, if they’re being spent efficiently, and if clearly-defined goals are being met. The federal government must be a responsible steward of taxpayer dollars, and eliminate any federal programs found wasteful, redundant, unsuccessful, or unnecessary.
The Trump Administration’s actions to pass historic tax cuts, reduce burdensome regulations, and prioritize domestic manufacturing and energy production unleashed astounding economic growth for our country.
To build on this success and make a swift recovery from the offsets caused by COVID-19, I urge the Biden Administration to make tax cuts permanent for individuals and small businesses (as they are for corporations), expand tax credits to incentivize business and job creation, and implement further tax cuts on individuals and small businesses.
In addition to additional education and training programs that focus on growth industries,, there will be an increase in high-paying jobs in Idaho by removing excessive federal rules and permits that create obstacles to starting and running a business.
Below is a list of initiatives, bills, and letters related to our economy, debt, and deficit that I have supported in Congress. Click on the links or contact my office for additional information.
Letter to Secretary Chao to support The Department of Transportation’s proposed pilot program to allow commercial driver’s license holders between the ages of 18 and 20 to operate commercial motor vehicles in interstate commerce. This program closely reflects the DRIVE Safe Act and aims to enhance safety, along with giving young Americans an opportunity to begin a career in the trucking industry.
Letter to Congressional Leadership regarding the supplemental unemployment insurance provided in the CARES Act. Many employees gain more UI assistance than their previous earnings, harming employers, and negatively impacting the reopening of many states.
Letter to Secretary Mnuchin after the enactment of The Families First Coronavirus Response Act, asking the Department of Treasury to issue guidance to assist businesses to keep them open and operating.
Death Tax Repeal Act (H.R. 218): Repeals the death tax (also known as the “estate tax”) in its entirety.
Prison to Proprietorship Act (H.R. 5078): Directs the Small Business Administration, along with the Bureau of Prisons, to provide entrepreneurship counseling and training services to women incarcerated in a minimum, low, or medium-security prison.
Future Careers in Logging Act (H.R. 1785): Exempts a child between the ages of 16 and 18 from child labor laws, allowing family members to learn and get experience in the trade of logging so they may carry on the family business.
One Subject at a Time Act (H.R. 2240): Requires each bill to cover a single topic, ensuring individual votes on each subject, and ending the practice of large bills.
Treating Tribes and Counties as Good Neighbors Act (H.R. 7454): Extends full partnership eligibility for the Good Neighbor Authority program that will facilitate federal forest restoration and management projects to Tribes and Counties.
Enhancing Geothermal Production on Federal Lands Act (H.R.4026): To streamline the discovery and permitting for geothermal energy projects, as well as equalize geothermal exploration with oil and gas on public lands.
CARES Act (H.R. 748): The Cadillac Plan imposes a 40% excise tax on very expensive health insurance policies, and repeals one of the biggest tax increases that pays for Obamacare.
- Employer Participation in Repayment Act (H.R. 1043): Expands the ability for employers to contribute up to $5,250 tax-free to employees for student loans.
(H.R. 6782): VOTED NO: Bill would require the Small Business Administration to publish private information of those receiving economic relief measures due to COVID-19.
(H.R. 648) VOTED NO: Bill would allocate a budget cap of $1.4 trillion for reckless spending that could easily be divided in multiple bills for clarification.
(H.R. 4344): VOTED NO: Bill would
(H.R. 2513): VOTED NO: Bill would require certain new and existing small coporations to disclose information about their beneficial owners.
(H.R. 1500): VOTED NO: Bill would block efforts by the Trump Administration to work with the Consumer Financial Protection Bureau (Consumer Bureau).
More on Economy
|8/3/21||Letter to President Biden - Like-Kind Exchanges|
|7/30/21||Letter to Surface Transportation Board - EO|
|4/22/21||Congressman Fulcher & Governor Little Push Back Against Provision Preventing State Tax Reductions|
|4/8/21||Congressman Fulcher Supports Reigning In Executive Agency Rulemaking|
|3/24/21||Congressman Fulcher Fights to Eliminate the Death Tax|
|3/9/21||Letter to Federal Maritime Commission Chairman – VOCCs|
|2/26/21||Fulcher, Foxx Call Out EEOC Chair for Ending Successful Pilot Programs that Aid Workers|
|2/8/21||Congressman Russ Fulcher on H.R. 447|
|12/21/20||KTVB: Congressman Fulcher Joins KTVB to Discuss Vote on COVID-19 Relief|
|12/9/20||Letter to Congressional Leadership - PPP Tax Deductibility|