Revenues are averaging $172.5 billion a month, and spending $319 billion. For every dollar we spent, we had to borrow 45 cents. That's an average deficit of $146 billion every month. Even if Obama gets everything he wants - where income, capital gains and dividends tax rates all increase on the top two-brackets - it will only raise $80 billion in 2013, or $6.6 billion a month, reports the CBO. That barely makes a scratch in the deficit. The debt would still grow by more than $1 trillion annually, just like it has every year for the past four years. The only question is whether survival is possible upon impact below. Consider this. The $16.4 trillion national debt is already larger than the entire economy. By 2022, it will rise to $26 trillion. By 2042, if nothing changes, it could easily be as high as $100 trillion - far outpacing the likely growth of the economy.Full editorial NetRightDaily.
Tuesday, December 11, 2012
Sobering statistic from ALG: Even if Obama gets 100% of what he wants in budget talks, due to entitlements the national debt could grow to $100 trillion
Welcome to the People's Republic of Broke-istan Excerpted, column by Robert Romano, "Following Thelma, Louise, and the Coyote over the Cliff" Americans for Limited Government, Dec. 11: