lbadragan
09-06-2009, 06:19 PM
--- Federal estimated receipts for fiscal 2009: $2.7 trillion (http://en.wikipedia.org/wiki/2009_United_States_federal_budget) out of which $1.2 trillion is from individual income taxes.
--- Estimated national debt in 7 years will be over $20 trillion (http://en.wikipedia.org/wiki/Us_national_debt).
If the interest on that $20 trillion is 5%, $1 trillion will be spent yearly just on debt service. Our federal income taxes will barely cover INTEREST on the national debt. If we continue down this path (and I believe we will), in a few years we will have no choice but to give up a MUCH higher percentage of our income to the government.
At what point do we stop referring to America as the land of the free? Are we free if we must give up 60% of what we earn? 75%? We are already servants of the State and shall soon become slaves.
--- Estimated national debt in 7 years will be over $20 trillion (http://en.wikipedia.org/wiki/Us_national_debt).
If the interest on that $20 trillion is 5%, $1 trillion will be spent yearly just on debt service. Our federal income taxes will barely cover INTEREST on the national debt. If we continue down this path (and I believe we will), in a few years we will have no choice but to give up a MUCH higher percentage of our income to the government.
At what point do we stop referring to America as the land of the free? Are we free if we must give up 60% of what we earn? 75%? We are already servants of the State and shall soon become slaves.