What Happens Next? [View All]

[Possumpoint]

Last figure I heard on the National Debt was 11.3 Trillion Dollars. That is with the TARP program added in. Interest on that with 5% interest will be 565 Billion Dollars a year. The Income Tax pulls in 1.4 Trillion Dollars. That leaves 835 Billion Dollars for other purposes. Our national budget is closer to 2 trillion. Continued deficit spending will only make things worse. Now in an effort to gain the support of the Republicans there is talk of a 300 Billion Dollar reduction in income taxes so they will swallow the deficit spending for years.

We are printing and borrowing money in an effort to give it to whomever, to stabilize this economy. What will be the end result? We are bankrupt in that we can't pay the interest and carry all the other expenses of this government. No one wants to talk about it. No one wants to face that fact that both our empire and government must be reduced in size. Tell you what, when the foreign investors decide that the dollar is a bad investment and stop buying treasuries, we'll be talking about it.

We are in a pinch. Like you do with a household budget, we must reduce the size and spending of this government. Stop the bailouts. Let the chips fall where they may and rebuild stronger on a sound financial footing.