How much does SSN add to deficit?
http://www.zerohedge.com/news/2012-11-06/it-doesnt-matter
If you haven’t read this, you should.
Watch the numbers.
“In Fiscal Year 2011, the federal government collected $2.303 trillion in tax revenue.”
“Interest on the debt that year totaled $454.4 billion,”
That means that around 19.7 percent of the budget is eaten up by debt interest. The US is not yet bankrupt, yet. But we are getting there. It would be like earning 50k a year before taxes and paying some 15k in credit card interest alone.
“mandatory spending totaled $2,025 billion. In sum, mandatory spending plus debt interest totaled $2.479 trillion… exceeding total revenue by $176.4 billion.”
Supposing Obama froze government spending to 2012 levels, we are still spending about 108 percent of the current budget based on mandatory spending alone. That’s a deficit of 8 percent. Not great but manageable.
“For Fiscal Year 2012 which just ended 37 days ago, that shortfall increased 43% to $251.8 billion.”
That’s a deficit of close to 12 percent. Unsustainable. That’s BEFORE all the discretionary spending.
“they could cut the entirety of the Federal Government’s discretionary budget– no more military, SEC, FBI, EPA, TSA, DHS, IRS, etc.– and they would still be in the hole by a quarter of a trillion dollars.”
And that’s just the way things are now! SS and other entitlements are predicted to expand at twice the rate of inflation.
The young people are fucked. We are going to get crushed by either entitlements or debt. Or both.