Quote:
Originally Posted by JohnR
At 10 years old, my kid owns 47,000 of deficit liability. How much will it be at twenty? Are we THAT irresponsible as a nation?
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Oh no he doesnt! I posted on the other blog...the $14 trillion debt DOES NOT INCLUDE the projected shortfalls for social security and medicare. According to MSNBC (I posted a link on the other blog), those shortfalls are about $31 trillion. So add that to the $14 trillion we have in "operating" debt, and the total debt is $45 trillion. That works out to about $152,000 in debt for every American. And that ignores state and local deficits!!
I put the math in the thread thanking the Tea Party. Tax increases are useless. If we eliminate the Bush tax cuts on those making over $250k, that might get us $90 billion a year. If we put every cent of that towards the debt, and if we ignored interest, it would take 500 years to amass the $45 trillion we need.
I'd like a liberal here to tell me how we can even BEGIN to tax (or grow) our way out of this.
We can't. I wish we could, but we can't. We need deep, painful cuts. And we need liberals to stop yelling "
you hate old people!!!" at people like Paul Ryan who are just being honest.
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