Dale

"Politicians are afraid to rein in the runaway spending so that it will match revenues, because they don’t want to offend those who receive the benefits financed by the government—goodies paid for sooner or later by taxpayers. Much of the government’s spending is channeled to well-organized political pressure groups whose’ support is viewed as essential by incumbents seeking re-election. Just think of all those PACs whose contribu tions loom so large in Congressional campaigns. Members of Congress are unwilling to take fiscal actions that might jeopardize the electoral support of the special interest groups. The deficits reflect a political system responsive to special interests at the expense of the general interest of the public now, as well as the general interest of future generations...." - Dale

"With the national debt now topping $12 trillion, the White House estimates that the government’s tab for servicing the debt will exceed $700 billion a year in 2019, up from $202 billion this year, even if annual budget deficits shrink drastically. Other forecasters say the figure could be much higher.... In concrete terms, an additional $500 billion a year in interest expense would total more than the combined federal budgets this year for education, energy, homeland security and the wars in Iraq and Afghanistan.... The potential for rapidly escalating interest payouts is just one of the wrenching challenges facing the United States after decades of living beyond its means....." - Dale

"With the national debt now topping $12 trillion, the White House estimates that the government’s tab for servicing the debt will exceed $700 billion a year in 2019, up from $202 billion this year, even if annual budget deficits shrink drastically. Other forecasters say the figure could be much higher.... In concrete terms, an additional $500 billion a year in interest expense would total more than the combined federal budgets this year for education, energy, homeland security and the wars in Iraq and Afghanistan.... The potential for rapidly escalating interest payouts is just one of the wrenching challenges facing the United States after decades of living beyond its means..... - Dale