Tuesday, April 13, 2010

Scary Article

This is a good read from Jim Angle of Fox news. I have always thought of Angle as being a pretty rational person.

This is a good take on where we are headed with our debt.

More Future Tax Dollars Will Go to Pay Off Old Bills and Promises

Taxpayers have a nasty surprise coming. More and more future tax dollars will go to pay off old bills and old promises the federal government made, but couldn’t pay.

The money borrowed by the federal government will result in a national debt of some $20 trillion by the end of this decade and taxpayers will have to pay almost $1 trillion a year, just in interest.

8 comments:

LL said...

The barack hussein obama regime is putting us in a steadily worsening economic position in regard the deficit (now 10% of GDP and scheduled to grow progressively to 40% of GDP in 10 years).

We have a spending problem that far exceeds our revenue problem.

SOMEBODY needs to take on entitlements, but no politician wants to do that - so we ride the Titanic down. The conclusion is foregone if things don't change.

DaBlade said...

Take on entitlements, raise taxes, or a combination of both. Any wild guesses as to which door Obama will walk us through?

Brooke said...

WTF do they not get on the Hill? You cannot spend what you don't have!

Honestly, there cannot be any other reason for doing this other than to destroy this nation. It doesn't make sense any other way.

Z said...

Brooke, they get it on the hill....it almost seems like a concerted effort to dump America into the trash heap.....the news this morning about the deficit is horrific...Bernanke's warning of very dire stuff, yet most of the media's covering it as "Fed Chair Bernanke confident in recovery; warns on deficit"

The warning on the deficit is SO much more horrific than ANY slight and typically temporary upswing in whatever the heck this gov't calls a RECOVERY and yet the Yahoo homepage has that title..TYPICAL.
Ah, my Word Verification here is CHILL. I think I have to..this isn't good for the blood pressure :-) Happily, I have a nice, nonpolitical day ahead. Thinking too much about this stuff is GETTING TO ME!

LASunsett said...

No folks, it's going to be alright. Just keep throwing money around like fertilizer and it will be okay. You people just don't like a black president.

/sarc

Really?

Be afraid. Very afraid if you are in your 20s/30s.

Because you will be working until you die. Unless you live to 130, then maybe, just maybe you can retire.

Chuck said...

LL, every politician thinks they need earmarks to survive and they may be right.

DaBlade, I'm thinking the door on the far left

Brooke, we need a balanced budget amendment. Make them pay for this if they want to spend

Z, $20 BILLION

LA, I have kids in their teens. They will pay for this for the rest of their lives

Always On Watch said...

taxpayers will have to pay almost $1 trillion a year, just in interest

Ye, gods!

Americans are going to enslaved by taxes.

Chuck said...

AOW, that's $1 Trillion dollars just thrown away. It will do nothing productive.