Will politicians cowardice eventually cause the US to go bankrupt?

[quinnox]

I was reading a recent article about how annual deficits are now going to be 1.5 trillion dollars for the foreseeable future.
Think about that. One and a half trillion in more debt every year.

Unfortunately, President Obama is responsible for this explosion, taking over where Bush left off.

A major portion of this is because of the Bush tax cuts, along with all the wars we got going on (more to come?).

Eventually, the interest alone on this debt will prove to be unsustainable.
Will politicians at some point finally admit that taxes need to be raised on Americans, or will their cowardice lead to the bankruptcy of America?

[Orrex]

1. Not eventually.

[liberal N proud]

2. They have to keep bombing other countries

It is a compulsory disorder our leaders have.

But if there are any cuts, I am sure you and I will be the ones who will make the sacrifices so the rich and powerful can continue their extravagant and explosive lifestyle.

[DCKit]

3. While I agree, it's hardly cowardice.

They just want to remain in power, so they continue to screw the majority over in favor of the wealthy who pay for their seats.

However, when they say "deficits don't matter", they fail to grasp the implications of a ballooning debt - inflation, devaluation of the dollar and the collapse of international trade (as in, we simply won't be able to afford anything).

On the bright side, all that money the gazillionaires are sitting on will suddenly be worth far less on the international markets.

[SOS]

4. Treasury bond holders will always come first

90% of the federal budget consists of just four things:

Social Security
Medicare/Medicaid
Military
Debt interest

The last thing to be sacrificed would be interest to bond holders.

So the US probably won't go bankrupt.

They will attack SS and Medicare first and might even cut a few bucks from the Pentagon *gasp* before letting
the "full faith and credit" of the United States go down the drain.