Tuesday, January 01, 2013

The next time you hear, or believe the "rich get richer," here's a big part of why:

As a nation, we are paying $359,796,008,919.49.

For interest.

On the debt.

And, as Mort Zuckerman points out: what do we get for that money?


But the rich surely are getting richer.  And a large part of that is thanks to Barack Insane Obama.
We are on a trajectory of cumulative fiscal deficits that cannot possibly be sustained.
That the morons in Congress don't get this is just beyond me.  If it were a place full of empty suits like Jaime Herrera, I might understand it.  When Congress is filled with boxes of rocks, that's the kind of outcome you can expect.
We have gone from being the world's largest creditor nation, with no foreign debt at the end of World War II, to the world's largest debtor, with roughly half of our public debt held by foreign lenders. Over the last four years, our national debt has grown by more than $5 trillion to over $16 trillion. We have to service that debt. The Federal Reserve is keeping rates historically low but here's the cost of paying interest on the debt for fiscal 2012: $359,796,008,919.49
What do you get for that? Nothing.
We have around  311.5 million people.

Do the math: Each and every person in this country just assumed $1155 in federal interest debt.  For just this year.  And every year, it's going to get bigger.

Makes me all warm and fuzzy inside.

How about you?

1 comment:

Martin Hash said...

Math is my hero - no matter how people try to fool it, it always wins.

Here's the rub: you live in a democracy - one which has duly legislated what it wants to spend money on. That's the deal you signed up for. Complain, bitch, make excuses, blame other people, do whatever, but MATH SAYS THAT TAXES MUST EQUAL SPENDING!

Math doesn't care what you think.