It’s a slow moving train wreck dumpster fire. And there’s probably no way to stop it.
The interest on the U.S. National Debt will seen overtake the Defense budget.
According to some estimates, very soon 100% of all new U.S. Treasury debt will go to paying interest on existing Treasury debt.
And the debt keeps on increasing. More tax cuts for the rich, anyone?
Sooner or later, things will “hit the fan.” Someone somehow some way will finally put a brake on federal spending.
Every election politicians promise to rein in spending, but they don’t. There are too many lobbyists and special interests. Lobbyists of course spend money on politicians. Politicians love money. Money gives politicians ammunition to win reelection. Since a politician’s only loyalty is to himself and to being re-elected, it stands to reason anyone with money is politician’s friend. [Empleomania should be a disqualification from holding public office. And you’ve got to wonder why millions of dollars are spent to get elected to an office that pays $174,000 per year.]
Two examples of government spending we don’t need:
How many nuclear bombs do we need? The U.S. already has several thousand nuclear warheads. How many are really needed? One will kill millions as it is.
How many military golf courses do we need? Currently the U.S. military operates 124 golf courses in the U.S. Evidently it also operates another 110 in other parts of the world. Most are not accessible to the taxpayers who paid for them. But whatever. Do you think the millions of dollars annually to operate 234 golf courses are necessary?
It isn’t hard to find boatloads of unnecessary spending. Just use your favorite search engine and type “Examples of Government Waste.” Some are just hair-raising. No, let me rephrase that. All are hair-raising.
Don’t forget: all that money spent means all that money borrowed, and all that interest paid on the borrowed money.
How can you cope with the ballooning federal deficit? Comment here.
The illustration “Temple Grounds of the Akiba Shrine in Ukiji” (1857) is by Japanese artist Utagawa Hiroshige (1797–1858). He is considered the last great master of the ukiyo-e genre (“pictures of the floating world”)
The post The National Debt Is Going To Eat You Alive first appeared in Smile If You Dare.