Remember when I explained why the US can never tax its way out of debt?
ZeroHedge: Putting America’s Tax Hike In Perspective
Submitted by Tyler Durden on 01/01/2013 10:02 -0500
One of those occasions when one picture really does speak a thousands words.
Houston, we may have a spending problem.
A spending problem? Ya THINK?
lobo91 has it scoped out pretty well:
@ Iron Fist:
This was a bad deal. There are, for all practical purposes, no spending cuts in this deal.
There are never going to be any spending cuts. Ever. It’s just not going to happen.
4 years from now, we’re going to be looking at probably $23-24 trillion in debt, an even smaller workforce than we have now (which will make the unemployment figures look better, sadly), a credit rating that will be downgraded a couple more times, and interest payments that will consume the entire budget, outside of entitlements.
And that’s the optimistic view.
Commenter Dave on PJM warns:
D___R___T______________________________________________________N
D = where Democrats stand
R = where Republicans stand
T = where Tea Partiers standN = where the nation needs to be to avoid bankruptcy.
Math does not compromise, it just wins every time.
THIS is how it will play out in real life.
{ 2 trackbacks }