40% of our budget is paid for with debt.
By Daniel at 23 November, 2009, 2:05 am
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We are so far away from being a wealthy nation that even the wealthy are starting to leave or prepare to leave. They are buying a home in other nations to go to as this gets worse.
We can’t even tax or grow out of this. Only cutting spending will make it possible to pay down debt or interest on debt while maintaining basic government services. That, however, would plunge us into an even deeper depression since 1 in 4 jobs depend either directly or indirectly on government spending. 61% of national income is now spent by our Federal, city and state governments.
Who perpetuates this myth that America is wealthy? The politicians and the media but not our government accountants who really know. They sum it up (for four years in a row) as “unsustainable” and that we face the “sudden loss of our standard of living.” That is not the description of a wealthy nation by any means.
- JanPaul
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