Skip to comments.Budget proposal won’t tame debt, interest would soon exceed military spending
Posted on 03/04/2014 7:12:08 PM PST by Kaslin
President Obama's latest budget proposal paints a troubling picture of America's fiscal future.
Here's a startling snapshot:
-- By 2024, the total national debt would rise from $17.4 trillion to nearly $25 trillion.
-- By 2020, U.S. taxpayers would be paying more in interest on the debt than they would on the entire Defense budget.
-- By 2017, those interest payments would be bigger than the budget for Medicaid.
Despite Democratic claims that President Obama has tackled the deficit, the numbers give a sense of what fiscal hawks -- who have not given up their fight despite an election-year aversion to dealing with the debt -- are so worried about.
"We can't let election-year malaise be an excuse for inaction on such an important issue," Maya MacGuineas, of the Fix the Debt Campaign, said in a statement.
White House officials appear to be declaring a victory of sorts over the deficit -- which is the annual budget shortfall. A White House statement touted the fact that "the deficit has been cut in half as a share of the economy" under Obama.
(Excerpt) Read more at foxnews.com ...
Default, dear Brutus, is not in our stars, but in our future.
The author is overlooking an important point; the Treasury is “borrowing” money from the Federal Reserve who don’t have the money to lend. The Fed Res is just printing the money. Money now paying the interest on the debt is just as fictitious as the money borrowed to fund the budget.
Welcome to Venezuela.
Thing is, it will only increase as a percentage of the budget. And it is increasing exponentially. Like the penny a day that is doubled every day, at the end of two weeks the daily payout is $163.84. At three weeks, it’s $20,971 and at 30 days it’s $10,737418.24.
At the end of two months it is $11,529,215,046,068,470.00.
This gives a rough idea of what our federal government is trying to stop. Well, they are obviously not trying to “stop” it. They are preparing for the fallout.
Work debt-slave. Pay our IRS collectors at every aspect of your life until you meet our death panel deciders. See to it that your children and your children’s children are present in our indoctrination centers so that they may follow your path, debt-slave.
Invest in rope.
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