1. We are approaching the point of no return. That doesnt mean our country is about to collapse, but it does mean we are frighteningly close to the point when collapse cannot be averted. I have been reading projected interest payments going forward as a percent of our budget...
2...this is a number you rarely hear about, but it is the one that will destroy the country. The number is exploding because of the irresponsible tax cuts - the first time in history of the world when a country with high debt and a booming economy cut taxes. Every person under...
3...age of 30 will have all of your tax dollars, every cent you pay, go towards the interest payments assumed so your parents - or non related rich folk - could have massive tax cuts. We cant "spending cut" our way out of this. We're borrowing to pay interest on our borrowing....
4...people who call for single payer - forget it. Cannot financially be done. If you refused to vote because you wanted that, you killed the chance. People who seek more tax cuts - enjoy the short-lived benefit if you get it. When the interest crowds out all expenditures.....
5...(and in ten years, it is projected we will be paying more in debt interest than we spend on our military) massive cuts in spending - in the places with real money to cut, like military and Social Security - will follow. It wont be enough. Either taxes go up massively, or....
6...we escalate the debt issuance even further. As our interest on the debt as a percentage of our expenditures grows, we will have to raise the interest offered on our debt. That will be the only way we can continue to attract the foreign investors in our debt...
7...who make up far and away the largest owners. (No, we dont sell the debt to ourselves.) They will see the danger here. I don't know how this ends - a bailout, debt forgiveness, or a total collapse - but we are approaching the point when we will have no choice by one of those.
