Posted on 04/26/2011 6:52:01 AM PDT by James H. Shott
Did you know that the United States paid $413 billion in interest on the national debt in 2010, and that was more than we spent running a dozen federal departments and agencies (Health and Human Services, Transportation, Energy, Veterans Affairs, Housing and Urban Development, Justice, Homeland Security, Agriculture, Commerce, Treasury, Labor, and the Small Business Administration) combined?
The US spending addiction is so bad that since 1988 we have spent $8 trillion on interest payments alone. According to governmentgonewild.com, that’s enough to buy every taxpayer – more than 140 million of us – a really expensive Lotus sports car. The debt is so enormous, the Web site asserts, that if we started today paying $100 million a day against the debt, it would take 389 years to pay it down.
The Congressional Budget Office estimates that at the rate we are going, by 2021 we will spend $1.1 trillion on interest annually, and by 2046, the CBO says all tax revenue collected will be required just to pay the interest on the national debt.
When a group (Congress) has drifted so far from the truth for so long, everything begins to look legal to them.
The headline struck me as funny because the power to impeach rest with those who are guilty of this fiscal malfeasance
True, but that doesn’t make impeachment any less needed or desirable.
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