Exactly how bad is the deficit problem?

by wfgodbold

It’s way down in this article, but the money quote (heh) is:

According to the Treasury Department, the national debt increased $1.652 trillion in the last fiscal year, while federal receipts were $2.0377 trillion.

That means that roughly 44¢ of every dollar the government spends is borrowed. I know it was a couple months ago, but the cuts the GOP and Dems were quibbling over are minuscule in comparison to the size of the deficit.

President Obama also says that the key to balancing the budget isn’t cutting spending, but is eliminating tax cuts and breaks for the wealthiest 2% of Americans.

That makes for a pretty soundbite; after all, if the rich are only 2% of the population, it’s easy to rouse the other 98% and get them frothing at the mouth for their piece of the pie.

Too bad it won’t work. Iowahawk and Bill Whittle already showed that if you confiscated the entire material wealth of the US, liquidated it, and used it to pay for federal spending, it would cover one year’s worth.

You can’t borrow half of the money you spend and expect to do well. That we’ve managed to do so for as long as we have is incredible. The gravy train is about to go off the rails, and those in power aren’t doing enough to stop it.

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