Children that won’t even be born for decades will inherit enormous debts that have been racked up today on drones, bombs, and wars that were waged in our era.
President Obama’s most recent budget makes this abundantly clear.
The new budget projects spending $2.548 TRILLION just on MANDATORY programs like Social Security and Medicare. Another $426 billion will be necessary just to pay interest on the debt.
In total, this is over 99% of ALL the tax revenue the government collected in 2014.
In other words, they’ll spend nearly ALL of their current tax revenue before they write a single check for anything we think of as government (like the military, the IRS, or the light bill at the White House).
Naturally they’re not planning on turning off the lights anytime soon. So they finance the rest of it with… debt.
This is the subject of today’s podcast; it contains some rather startling facts… and I mean facts… about Mr. Obama’s new budget.