Interest on US federal (net) debt is about to pass ONE TRILLION DOLLARS per annum
A fool and his money are soon parted - DC has a lot of fools.
From here:
U.S. National Debt Clock : Real Time
The war budget is $930 billion – on the way to1.6 trillion dollars per annum (5 per cent of GDP BY 2035)
Medicaid is approaching 2 trillion bucks this year
Social security closing in on 1.7 trillion dollars this year.
Expect national debt to exceed 40 trillion dollars in a few months.
The only way to reverse th cs of he debt is to turn the current projection of a fiscal deficit of around per cent of GDP INTO A SURPLUS of 2 per cent FOR THE NEXT THREE TO FOUR DECADES.
Chances of that happening? Double O, triple O, eff all, blank.
Can you imagine the swamp agreeing to cuts of a few trillion a year (from 7 trillion to 5 trillion)with corresponding tax increases of the same amount from 5 trillion o 7 trillion?
Me neither! Same goes for the UK, the EU, Canada, Australia, India, China et al.
Living beyond your means has only ever resulted in tears ad bankruptcy.
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