From our friends at Bankrupting America: a new video highlighting the fiscal house of horror to which we have condemned our children. At least they provided a suggestion for a happy ending and how we can free our children from the shackles of debt.
Scary story:
- In the last 10 years the federal government has increased its debt nearly 70 percent.
- At the current rate of spending, the federal government will increase the debt another 70 percent in the next 10 years.
- In 10 years, interest payments on the debt will consume 90 cents out of every federal dollar.
- Future spending commitments total $106 trillion.
Happy Ending:
- Washington’s spending problem is solvable.
- If spending is reduced to 1990s levels per household, our budget would be balanced in three years.
If they threw out the IRS and EVERYBODY, rich included paid a flat 5% income tax that would be more than enough to pay down the debt and run this country including rebuilding the infrastructure.
April 21st, 2010 at 7:45 pm