I’ve read that monthly revenues are on the order of 200B. Debt service is 29B. That leaves more than enough money to pay medicare, social security, veterans.
What it does not leave is enough to cover about 40% of monthly obligations, like the bloated bureaucracy at DOE, ED, etc.
Not only that, but SS incoming revenue is about $45 billion, while outgoing payments to recipients is about half that.
Not so sure about that:
http://en.wikipedia.org/wiki/File:U.S._Federal_Receipts_-_FY_2007.png
http://en.wikipedia.org/wiki/File:U.S._Federal_Spending_-_FY_2007.png
In FY 2010, defense spending, Social Security, and Medicare/Medicaid combined were over 100% of federal revenues.
Social Security and Medicare payments will keep going up as more boomers retire, go on Medicare, and the general population keeps aging and gaining weight.
Tax incomes are probably going to go down.
Entitlements are the elephant in the room that no one will address. Americans are living in a delusional state of denial.
I think he would hold up SS checks just for spite so he can have a chance to blame the pubs. Not servicing the debt would be a colassal blunder.
I think he would hold up SS checks just for spite so he can have a chance to blame the pubs. Not servicing the debt would be a colossal blunder.
