By 2019, the payment due on our nation's debt interest will be more than "the combined federal budgets this year for education, energy, homeland security and the wars in Iraq and Afghanistan." The principle is now $12 trillion and climbing.
This is beyond a crisis situation, and no one in our government seems to want to face it, much less address it. What does it mean? We're broke and facing a situation unlike any in our nation's history. Yes, it's bigger than George W. Bush's spending.
Meanwhile the health care reform plan will kick in and cost upwards of 2 $trillion, adding to the madness.
Also note that 2019 is about the time that Medicare will also go broke. Of course the government will never let that happen.
Where will all of the money come from? The evil rich? Sorry, even if the goverrnment seized every penny of every Fortune 500 company we couldn't afford our debt. We'll run out of rich people to punish.
The government needs to stop spending and creating new entitlements or we will all pay dearly.
