Posted on 05/07/2013 7:00:09 AM PDT by Laissez-faire capitalist
We have had a tax increase implemented. Now, with the additional revenues (taxes) added onto what we were previously taking in each year ($2.3-2.4 trillion dollars), we will still be able to make the interest payment (about $425 billion annally or $35 billion per month) on the federal debt outstanding... And thus we cannot default.
After that, we use the remaining tax dollars to pay for Social Security, then Medicare, Medicaid, unemployment benefits, food stamps and a very large portion of our military budget.
So... why do we need to borrow another $1 trillion plus in May?
What say you?
I wonder how many will scream in this month that the sky is going to fall?
Perhaps you haven't noticed that if it weren't for ad hominem attacks, the left would have no arguments at all.
Are you under the impression that the principle never has to be repaid to bond holders?
How much are we paying towards the principle?
I don’t see the principle going down (the federal debt outstanding)
All the federal debt does is go form 12 to 13 to 14 to 15, now 16 trillion dollars, and up and up.
We first have to stop borrowing. Then find a way to start paying down the debt from $16 trillion to 15 to 14, 13, etc.
You get the point...
DRILL, BABY, DRILL. Drilling on private land will lower the debt and the government can't stop it. Oil - the 21st century gold rush.
does anyone believe that the interest rates will stay this low? When, not if, they rise we will not be able to pay them. Average rates have been between 4 and 5 %
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.