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Politics : Ask Michael Burke
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To: Freedom Fighter who wrote (115383)8/31/2008 1:24:46 PM
From: Skeeter Bug  Read Replies (1) of 132070
 
>> If you lower the growth rate of spending to below the nominal growth rate of the economy<<

when has this occurred within the last 60 years?

you have to factor in the ~$500 billion interest on the debt, too. you can't assume that is negligible.

also of note, i tend to believe those that the ~$10 trillion in national debt is a phony number. i've heard some estimates as high as $40 trillion if the government had to count obligations the same way they LEGALLY require companies to account for obligations.

let's take $10 trillion and assume 333.3 million people are in this country. let's take interest rates at 5%. the first $1500 sent in for taxes goes to pay interest. oh, that's right, not everyone in this country works. let's assume half work, which i believe is quite generous. that's $3000 per worker to pay interest. as a betting man, i'll bet you we see 10% interest before we see spending below economic growth. that means $6000 goes to pay interest.

the baby boomers will retire en masse pretty soon, meaning more expenses and obligations ans a fewer percentage of people work to pay for these benefits.

and i can tell you one thing... all the boomers who were against free healthcare for all are now 100% for it since they now benefit from it and won't have to pay as much for it. i saw my first nationalized health care add from the aarp within the last 2 weeks.

i hope i'm wrong but, knowing human nature, i don't think i am.

especially since obama will win and will increase spending almost as much as bush and the republicans.
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