I do not believe one needs to be a financial genius to figure out that the last 5 years have been devasting to the US. For example, this FY (2013), we paid $415,688,781,248.40 interest on our debts. This does not include the overhead costs to "manage" the public debt and interest.
Government - Interest Expense on the Debt Outstanding Who knows how much we pay to manage our debts and interest, but I am guessing it's a lot.
The US will bring in around "Total federal tax revenues in fiscal year 2014 are projected to be $3 trillion"
Where Does the Money Come From?
So, to compare the FY and "project" the last few months for the calender year to compare apples with apples so to speak ... and guess what, about 1/6th goes just to interest (500B/3T). That also gets rid of the months which overlap ... no double dipping for the liberals at heart.
Now, assuming interest rates cannot be maintained at near 0% forever -- who wants that investment -- and they jump to a meager 2.7% within the next few years ...the interest payments jump to almost 1 trillion a year. That's about 1/3rd of what we bring in. Yes, of course, our BO wants to seize the wealthy's income for his ingenius progressive social agenda which is nothing more than buying votes and to promote his views of justice or fairness. Take every penny BO. That will pay less than one year's worth of interest on the debt. But, once its gone, its gone. Who can he then chase for money ?
What happens when the interest on those debts jumps to around 3.7% ? Almost every penny we rake in will need to go to interest payments. That of course ASSUMES we will not spend one more cent on any government spending. It all goes to interest payments.
Do we or will we have any inflation, even when we print zillions of dollars ? How long will the US dollar be the world's reserve currency ? Better yet, will ObamaCare cost the taxpayers one penny ? I was told my insurance premiums will drop around $2,500. Guess what, they have not dropped. I am guessing "free" health care will cost something.
Will history be so kind to BO ? The media loves him, but will the historians ?