Call Now
(916) 780-7005
Click Here
Free Case Analysis
MENU
  • Spectacular!

    I liked your fast, friendly service. You were all knowledgeable in the area of bankruptcy. Your treatment of me as a client was spectacular! You were great at promptly responding to my questions and concerns. I loved that you provided courteous and quick responses to all my questions.
    --Donna
  • Highly Recommended!

    I have worked with Seth and he is the utmost professional in how he works with his clients. If you need an attorney you can trust I would highly recommend the Law Office of Seth Hanson.
    --David
  • Very Professional.

    Everyone was very professional and efficient. Seth, and everyone that I had contact with were very knowledgeable. I was very pleased with how we were treated by his staff. My questions were always answered promptly. I was very pleased with the service I received and would not hesitate to refer someone to your firm.
    --Anonymous
  • Non-judgmental.

    You were very open and answered all of my questions. You never made me feel like I was asking a dumb question. I was comfortable with your knowledge of the law. It was hard for me to make this decision to move forward in my life. Everyone was friendly to me and respectful. Non-judgmental. Every question I asked was answered promptly and appropriately. I would recommend you.
    --Anonymous
  • More Than Expected!

    I found the firm's representation to be more than what I expected. I was always kept in the loop, all my questions were answered (whether or not I asked more than once the same question), and I felt completely supported by the firm staff when going through this (at times) scary ordeal. Thank you again.
    --Joanna
  • Very Impressed!

    I liked that you had very friendly, caring staff. You were all very knowledgeable. Your treatment towards me was excellent and you quickly responded to all my concerns. If a friend asked of your overall impression, I would say that we were very impressed and we would recommend you to them.
    --Danielle

Government Deficit Just Got Larger

The US treasury announced the highest borrowing estimate for any quarter since 2010 – $329 billion. This is $56 billion more than the projected figure of $273 billion. At this rate, the federal governments is projected to borrow a total of $1.33 trillion in 2018. The feds are already the largest borrower in the world, topping $21 trillion to date.

Where is this money going? Federal spending can be separated into three categories – discretionary spending, mandatory spending, and interest. The feds spend $1.11 trillion on discretionary spending. This category includes most of the things we expect government to provide – defense, infrastructure, international relations, etc. $2.45 trillion is spent on mandatory expenses such as social programs. The vast majority of this $2.45 trillion is spent on social security benefits and Medicare. Interest on the national debt is the last category and is costing the feds $229.15 billion annually. This figure is only getting larger as our national debt grows.

Who owns our national debt? The popular answer is China, which is partially true. China is the US’s largest single creditor, owning $1.168 trillion as of January 2018. Yet the majority of the federal deficit – $15.3 trillion – is owned by the American public. Retirement plans, businesses, and individual Americans have invested in treasury bonds over the years. Treasury bonds are viewed as incredibly safe investments, as they are backed by the federal government.

While the feds are able to spend themselves into oblivion with little to no immediate repercussions, the rest of us need to be weary of excessive debt. If you’re drowning in bills and don’t know what to do, give us a call for a free consultation. We are one of the most experienced bankruptcy firms in Auburn, and we would be happy to assist you.

Categorized in: