Posted on 02/09/2016 10:16:20 AM PST by aimhigh
According to the latest White House budget projections, the government's interest costs are expected to more than triple to $787 billion by 2026, as interest rates rise, from $223 billion in 2015.
By 2025 and 2026, the government will spend more on interest costs than all non-defense discretionary outlays.
Under the White House budget, the national debt will increase from $19 trillion to more than $27 trillion over the next decade.
(Excerpt) Read more at marketwatch.com ...
Printed money is the most sacred deity to Leftists, because they come from a school of ‘thinking’ where money grows on trees.
Private Citizen Obama will always Be Broke
We need dramatic cuts in federal spending, cuts in every federal agency except defense and a huge overhaul of SS, Medicare, Medicaid to make a dent. Approx. .70 cents of every dollar goes to social programs. The ferals face 60 Trillion or more in promised benefits they will never honor.
Monumental fiscal mismanagement. It's criminal.
... with the full support of the GOPEs/RINOs of the "opposition party" (e.g., McConnell; Boehner ... oops! I mean Ryan, but you see the interchangeablility of the two duplicitous House "leaders").
Krugman says we can print more $s.
You mean Johnny Ryan and Paul Boehner? Yeah, their handlers, and Turtle-Face McConnell’s handlers are in on the scam.
Move along, nothing to see, just the natural proceedings of a debt based monetary system. All of this is, and was expected. and yes mathematics prescribe that it will get much much worse before it collapses under it’s own weight.
On the US Debt Clock website, it shows the total Corporate Assets at $22.4 trillion. Total household assets = $83.3 trillion.
To be fair, Bush II also greatly increased the federal deficit, as did Bush's predecessor, etc., etc. This gross irresponsibility is not limited to Obama, or to the Democrats.
The only thing you can say about the GOP is that there is a minusculely small chance that they could fix things.
Interesting. But there's a flaw in all that. The national debt will increase at a rather predictable rate. But one cannot be sure that the GDP will increase at that same rate. Heck, the GDP can even decrease as the debt increases.
What troubles me is
Congress was an accomplice!!!!!
They aided this destruction!!!
I was limiting myself more to 401ks and the like.
The politicians will never go after the assets of the Corps who fund them. Going after 401Ks would be problemmatic enough, go much further on the private asset side and the 350 million or so privately owned firearms start coming into play.
AND said with such obvious pride.
May not work, not enough for the debt, but that is where the money is!! And easier than raising taxes!!
It will be done, if it is done, under the same Nanny state thinking and promotion.....We are doing this for you, we will protect your money from the filthy rich, dirty, etc, bankers and money advisors and invest it in gov and make sure your money is SAFE!!!!
It may be the straw that breaks things lose. Have no idea there.
True enough.
Even Stevie Wonder could see that one coming.
The deceit Congress shows is beyond belief. We did the best we could with what we had!!!!!!!
Will leave it there before saying something BAD!!!!!!!!!! lol!!!
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