The latest focus in D.C. is on our federal spending. While many conservatives are calling for restraint and a demand to not increase the debt ceiling, we still have liberals who don't want to cut any programs.
The simple math tells anybody with half a brain that if you spend more than you bring in, you are going to be in trouble. If you want to buy something, but don't have the cash handy, you borrow. There's a cost to borrowing and it's called interest. (Or if you borrow from the wrong guys, the "vig.")
Our national vig is something like $931 BILLION a year. So, we pay about $2.65 billion every single day, just to cover he interest on our debt! We must have borrowed a lot!
This amount will consume 20% of all taxes collected. Then when you add a few mandatory programs like Social Security, Medicare and Medicaid, you have 95% of all tax revenue spoken for before we can even allocate the remaining 5% for everything else the federal government needs money to fund.
We simply must balance the budget. That's where the problem becomes complex. How does our federal government lives within its means?
Maybe we need to hire The Donald next year! Despite his silly hair, could he be any worse than the bozo we currently have in the White House?
No comments:
Post a Comment