U.S debt to rise to $19.6 trillion by 2015
From Reuters:
The report that was sent to lawmakers Friday night with no fanfare said the ratio of debt to the gross domestic product would rise to 102 percent by 2015 from 93 percent this year.
“The president’s economic experts say a 1 percent increase in GDP can create almost 1 million jobs, and that 1 percent is what experts think we are losing because of the debt’s massive drag on our economy,” said Republican Representative Dave Camp, who publicized the report.
He was referring to recent testimony by University of Maryland Professor Carmen Reinhart to the bipartisan fiscal commission, which was created by President Barack Obama to recommend ways to reduce the deficit, which said debt topping 90 percent of GDP could slow economic growth.
The U.S. debt has grown rapidly with the economic downturn and government spending for the Wall Street bailout, the wars in Afghanistan and Iraq and the economic stimulus. The rising debt is contributing to voter unrest ahead of the November congressional elections in which Republicans hope to regain control of Congress.
The total U.S. debt includes obligations to the Social Security retirement program and other government trust funds. The amount of debt held by investors, which include China and other countries as well as individuals and pension funds, will rise to an estimated $9.1 trillion this year from $7.5 trillion last year.
By 2015 the net public debt will rise to an estimated $14 trillion, with a ratio to GDP of 73 percent, the Treasury report said. (Reporting by Donna Smith; Editing by Kenneth Barry)
Senate District 52 Pachyderm Picnic Fundraiser 6/19
FOOD:
SPEAKERS:
GAMES: (for Kids and Adults!)
We will have several fun games for the younger kids (prizes will be handed out). There is also a playground, along with tennis courts and a skateboard park for the bigger kids either on the grounds or within walking distance. We will also have some fun trivia games for the adults!
LIVE MUSIC:
SILENT AUCTION:
Senate District 52 has over $1300 in merchandise and gift certificates to auction off at the picnic! We are proud to announce several fantastic auction items from area businesses and members of the district.
Auction items include gift certificates from local restaurants (Domacin Wine Bar, Lake Elmo Inn, Roman Market, Phil’s Tara Hideaway,Gorman’s Restaurant), and other donations, such as: One Night Stay at the Rivertown Inn, an American Girl Doll, a Movie Night Basket, Official Twins Jersey and Baseball Cap, a Signature Graphic T-Shirt and Gift Certificate from Libertymaniacs.com, T-Shirts from CoolConservativeGear.com, Premier Designs Jewelry, a Flag Flown Over the U.S. Capitol and more items are being collected every day!
ADMISSION:
$15.00 for adults
$5.00 for ages 5-12 yrs. (under 5 yrs. is free)
$40.00 for a family package
WCRW June Meeting 6/12: Women in Public Service
Women in Public Service
Join WCRW for our last meeting of the session on Saturday, June 12th before we vacation for the summer! We will be welcoming Kelly Fenton, Vice Chair and Secretary of Minnesota Excellence in Publice Service (MEPS). Their mission is to increase the number of Republican women in elected and appointed governmental positions at the local, state and federal levels, and strengthening their influence.
MEPS graduates have gone on to:
Serve in the Minnesota legislature
Serve on governor-appointed boards
Host conservative talk radio
Run for office
Manage campaigns
Grow grassroots programs for Republican women
The Excellence in Public Service Series provides leadership training to women throughout Minnesota. These remarkable women leave the series well-equipped to fulfill leadership roles in their careers, their communities and their government.
YOU MUST RSVP to the meeting by Thursday, June 10th so that we can have an accurate breakfast count! Please RSVP to VP Heidi Schumacher by evite, phone (651)-739-9053, or email at [email protected]