How are your taxes? A posting found on Drudge noted that you pay more in taxes than on your monthly utility and all your house bills combined. This will get worse as time passes.
What happens when you cannot pay for the mortgage, that new car, all those neat electronic gizmos, food and insurance? Your income doesn’t cover all your debt, so you make payments when the collectors call up and finally : Bankruptcy>
Interest on the national debt now exceeds our spending on the Military.
At the rate of spending by the government increases, the interest also rises; any interest rate increases will require your taxes to rise to cover this cost. Then the government tries to pay the interest on those T-Bills that other countries bought.
It is your problem on a grand scale and we take it in the shorts, like Venezuela. Think about this in the upcoming Mid-term elections.
This post was cut short for the sake of brevity. Read the rest for I left out the really nasty parts about your life with out ll that government money sloshing around.
As Debt Rises, the Government Will Soon Spend More on Interest Than on the Military
The federal government could soon pay more in interest on its debt than it spends on the military, Medicaid or children’s programs.
The run-up in borrowing costs is a one-two punch brought on by the need to finance a fast-growing budget deficit, worsened by tax cuts and steadily rising interest rates that will make the debt more expensive.
With less money coming in and more going toward interest, political leaders will find it harder to address pressing needs like fixing crumbling roads and bridges or to make emergency moves like pulling the economy out of future recessions.
Within a decade, more than $900 billion in interest payments will be due annually, easily outpacing spending on myriad other programs. Already the fastest-growing major government expense, the cost of interest is on track to hit $390 billion next year, nearly 50 percent more than in 2017, according to the Congressional Budget Office.
“It’s very much something to worry about,” said C. Eugene Steuerle, a fellow at the Urban Institute and a co-founder of the Urban-Brookings Tax Policy Center in Washington. “Everything else is getting squeezed.”
Gradually rising interest rates would have made borrowing more expensive even without additional debt. But the tax cuts passed late last year have created a deeper hole, with the deficit increasing faster than expected. A budget bill approved in February that raised spending by $300 billion over two years will add to the financial pressure.
The deficit is expected to total nearly $1 trillion next year — the first time it has been that big since 2012, when the economy was still struggling to recover from the financial crisis and interest rates were near zero. [snip]
With this cost that MUST be serviced, money for programs to repair/replace infrastructure such as roads, bridges and government buildings.
What is never mentioned is the pressure to keep the fake entitlements and it will also crush the real entitlements: Social Security, Medicare and Medicaid. Thanks to LBJ, he funded the Vietnam War with money from the Social Security Trust Fund by putting it into the General Fund. Congress loved it and cheerfully started spending this new “revenue”.
Filed under: Big Spenders, Government | Tagged: Bankers Gnomes & Trolls, Comunism, Congress, Economy, Elections, History, Reality, Republicans, Taxes | Leave a comment »
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