I will add as well that this accounting does not reflect money which SHOULD be set aside to fund our national pension system, aka Social Security and Medicare, both of which have depended virtually since their inception on others peoples money, and both of which in my understanding are ALREADY spending more than they can take from the paychecks of working stiffs like me. To pay for the Baby Boomers we should be collecting TRILLIONS more than we are. It is something on the order of $3 Trillion a year. Given that even before these numbers are added in we are ALREADY running a huge deficit, there is very simply NO WAY to keep all the promises that have been made. No tax increase will cover this, and as we approach 100% taxation on the American people, obviously, we will wreck the economy.
So, here is the good news. The real story is much worse than this:
U.S. Tax revenue: $2,170,000,000,000
* Fed budget: $3,820,000,000,000
* New debt: $ 1,650,000,000,000
* National debt: $14,271,000,000,000
* Recent budget cuts: $ 38,500,000,000
Let’s now remove 8 zeros and pretend it’s a household budget:
* Annual family income: $21,700
* Money the family spent: $38,200
* New debt on the credit card: $16,500
* Outstanding balance on the credit card: $142,710
* Total budget cuts: $385
Got It ?????