What percentage of our revenue goes to just servicing the debt? How much will that percentage increase with the current social spending administration? What is the projected debt just in the next 3 years? When most of our revenue goes toward just servicing the loan on that debt, what happens to all that govt spending on entitlements? On the military? ....the country with the most powerful military is the country with the world's reserve currency. What happens when we can't afford anything. How fast will this crash. I see no way out. We will pay the piper. Yet lets continue to focus on stupid trials, baby names, and what athlete is taking what steroid. Our people are uneducated, apathetic, and blind to what is coming...
In 2013, we will pay $222 billion in net interest according to the 2013 Federal Budget, with revenues of $2.712 trillion for 8.2%. By 2017, the debt service is projected to be $370 billion on revenues of $3.666 trillion, or 10.1%. By 2020, the debt service will be $616 billion on revenues of $4.325 or 14.2%.
Don't forget, this is Obama's unapproved budget so I expect it is a little optimistic.
BTW, individual's income tax is projected to go from $1.234 trillion in 2013 to $2.144 trillion in 2020, an increase of 74%....how do you like them apples especially since all of the baby boomers will be out of the income producing years by then. Anyone that will be working in 2020 (many of our kids) are soooooo screwed.
Aw winger, we know that there will have to be adjustments here and there. We must have plenty
of money--or at least triple A credit--Obama just blew one hundred million on a vacation. Folks
in DC aren't saying much because Obama is a white Black guy and they don't want to be called
I'm not sure you clearly understand what matters. MSN recently had a "front page" story on Kim struggling to find cute baby outfits to complement North's skin color. I hope you're not suggesting that this is unimportant!
Oh, BTW, don't even try to suggest you don't know who Kim and North are!
"The US can only pay its debts if we have money coming in....and oil sales are one way we could do it."
Does this include making Japan and Korea to open their market for us. No, we actually paid the see that Japan get its flow of Oil