In this video clip,
the Senator argues that “discretionary spending” is not “out of control.” Geeeeesh.
We now borrow 42 cents of every single dollar we spend, each year,
and the Democrat leadership limits its denial to “discretionary
spending.” Can anyone say, “Straw dog ?”
Apparently, Democrats
do not understand that our spending crisis is not limited to discretionary spending. Structural over-spending is part of the problem, as well, and, no one but a blind sheik would deny this
fact.
Lets say that our current rate of interest, paid on the
money we have borrowed, rises from a
current interest rate of 3.5 percent to 7 percent, overnight,
upon news of a second and more serious downgrade from S&P and or
Moody’s. It is estimated that we will spend $750 billion on interest, alone, by the year 2020, assuming interest rates for that debt, remain the same. If our scenario, above, happens, the interest rate would rise to 1.5 trillion dollars per year -- a bill that absolutely has to be paid, a little higher than what we over-spend, each year. At that point, the most harsh cuts in American history, would have to go into effect, immediately. There would not be enough tax revenues available to make a difference. And the Dems see no problem.
Source: Diane Black House,gov.
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