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Erskine Bowles: 'We Are Going Over the Fiscal Clif
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Bowles said that "every nickel" the country brings in each year only paid for interest on the debt and mandatory spending on entitlement programs, such as Medicare, Medicaid and Social Security.
What that means is every single dollar we spent last year on these two wars, national defense, homeland security education infrastructure, high value-added research, every dollar was borrowed and half of it was borrowed from foreign countries," he said. "That is crazy. Crazy! It's a formula for failure in any organization." Yep, we are headed for a major depression because our politicians refuse to live within budget. Brace yourself folks. Posted on 07/12/12, 03:52 pm |
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somewhere between now and the end of the clinton era, american politicians of both parties started a huge spending spree. they knew that we could not afford it both both parties did it anyway.
plus, that the same time, they were bribed by big business to allow them to export jobs without penalties. lastly, they slowly cut down on the amount of tax money allocated to each state to work with. a three-pronged approach designed to wreck the american economy. 
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