Monday, November 23, 2009
Congress Spending America Into Oblivion
What’s Next, A Reverse Mortgage?
From the New York Times by Edmund Andrews - Wave of Debt Payments Facing U.S. Government
With the national debt now topping $12 trillion, the White House estimates that the government’s tab for servicing the debt will exceed $700 billion a year in 2019, up from $202 billion this year, even if annual budget deficits shrink drastically. Other forecasters say the figure could be much higher.
In concrete terms, an additional $500 billion a year in interest expense would total more than the combined federal budgets this year for education, energy, homeland security and the wars in Iraq and Afghanistan.
Hey Congress! How about getting that spending under control.
Insanity is often described as doing the same thing over and over and expecting different results. Adding a whole new entitlement program for health care on top of a mountain of debt is insanity.
If the United States is not insolvent we are getting pretty close to it. No Worries! For Washington DC it’s business as usual.
Unbelievable!
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