Wednesday, February 10, 2010

National Debt

As my boycott of Facebook commenses, it was time to create a blog instead of simply posting my rants in my FB Notes.
entry 1.
I was reading an article on yahoo news yesterday about politics (big surprise). Buried deep within the article was a statement that should have been a huge talking point. In 2009, the amount of interest paid on the national debt was just over $100,000,000,000. That's the interest. That's not an extra 100B that can be used for humanitarian efforts, healthcare reform, padding politicians pockets...err...strike that last one....
There are approximately 131M tax payer in the US. So, ultimately, each one of us paid an addition $765 in taxes last year, just to pay the interest on the debt. That doesn't sound too horrific, until you realize that the debt doubled last year without the interest yet. And this year's deficit ceiling is being raised another 1.9T. If the healthcare bill gets pushed through, it will double it yet again. so, in addition to having to pay back all of the money, in addition to having to foot the bill for all of the new programs, an additional $2295 per year is tacked on to each taxpayer JUST TO PAY THE INTEREST.
we have to stop this insanity. we can not "spend our way out of recession." We can not continue to build bigger and better (and more expensive) programs. The tax base is too small (and getting smaller as unemployment rises).
It is time for us, as Americans, to take a hard look at where our money is spent and make some tough decisions about cutbacks. As much as I would love to live in an utopian society, sometimes the cold, hard facts of finance have to dictate what we are capable of doing.
either taxes have to increase (and doing NOTHING will force them to increase by proxy), or spending has to decrease. No other choices. None.

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