The big news as I write this is the breakdown in the debt talks.
That’s wrong… not that we’re focused on debt, but rather that we’re NOT focused on debt. We’re talking about DEFICIT, or “adding to” the debt.
If you’re a citizen of the United States, your share of the debt is more than $42,000 (not counting unfunded liabilities, here we’re only talking about the part the politicians admit to). Each of your children also owes over $42,000. That’s today, assuming we don’t borrow any more.
Let’s use the numbers from the Congressional Budget office, while noting that those numbers will be as favorable to the government as possible. According to the May results released in July, the monthly deficit was $58,000,000,000. We borrowed just over $175 for every resident of the country
in the month of May alone.
Using the CBO numbers, we’re borrowing $.25 out of ever dollar we spend (have you tried that trick at home?). Now, the President has conceded that it might be possible to bring that down to 20 cents per dollar spent OVER 10 YEARS. The Republican establishment has dug in their heels and stubbornly insisted on reducing the amount to 15 cents per dollar spent OVER 10 YEARS.
In other words, all of the fuss is about how much we’ll add to that $42,000 your three-year-old already owes. No one ANYWHERE is talking about reducing the debt. The President thinks you should spend $160 more than you’re paying for each month, and the Republicans think you should spend $145.
That’s right, the Republican leadership is agreeing to $145 of new debt per month per person for the next 10 years.
Nothing more needs to be said, does it?