Having seen Obama at least speak to just how quickly this crisis is approaching, let's put it into perspective. Note, 2025 and 2020, just a 5 year difference from Obama's speech. So let's no go hysterical that it's from NRO.
"Otherwise, by 2020 just the interest payments on the debt will be larger than the U.S. military budget. That's not paying down the debt, but merely staying current on the servicing--like when you get your MasterCard statement and you can't afford to pay off any of what you borrowed but you can just about cover the monthly interest charge. Except in this case the interest charge for U.S. taxpayers will be greater than the military budgets of China, Britain, France, Russia, Japan, Germany, Saudi Arabia, India, Italy, South Korea, Brazil, Canada, Australia, Spain, Turkey, and Israel combined.
When interest payments consume about 20 percent of federal revenues, that means a fifth of your taxes are entirely wasted. Pious celebrities often simper that they?d be willing to pay more in taxes for better government services. But a fifth of what you pay won?t be going to government services at all, unless by "government services" you mean the People's Liberation Army of China, which will be entirely funded by U.S. taxpayers by about 2015."
And just because this demonstrates how "tough" this spending "cut" bill was...
"Under the "historic resolution" of the debt crisis (and don't those very words "debt crisis" already feel so last week?), America will be cutting federal spending by $900 billion over ten years. "Cutting federal spending by $900 billion over ten years" is Washington-speak for increasing federal spending by $7 trillion over ten years. And, as they'd originally planned to increase it by eight trillion, that counts as a cut. If they'd planned to increase it by $20 trillion and then settled for merely $15 trillion, they could have saved five trillion. See how easy this is?
As part of this historic "cut," we've now raised the "debt ceiling"--or, more accurately, lowered the debt abyss. Do you ever discuss the debt with your neighbor? Do you think he has any serious intention to repay the 15 trillion racked up in his and your name? Does your congressman? Does your senator? Look into their eyes. You can see the answer. And, if none of these parties seem inclined to pay down the debt now, what are the chances they'll feel like doing so by 2020 when, under these historic "cuts," it's up to 23-25 trillion?"