Wednesday, February 10, 2016

Debt forever

Hit and Run: "Obama's Budget Promises an Olympian Mountain of Debt For Our Kids to Pay Off."
The worst part of Obama's budget—and the ways in which Republicans have conspired to increase spending just late last year—is that it attempts to normalize substantially increased spending levels as a percentage of GDP. Why exactly the government needs to be spending a higher percentage of GDP is not clear and I'm doubtful any member of either the GOP or the Democratic Party will ever bother clarifying the matter.
What I think is ironic about the effort to double the national debt again is that an ever-expanding portion of the federal budget will go towards interest payments on the national debt, feeding the coffers of those bad-old "big banks."  I've said this before but it bears repeating: between inviolate interest payments and untouchable entitlement spending, there's not going to be anything left for what we call the "government."

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