Dear editor:
Democrats, Republicans, Independents or I don't care party, pay attention!
It is the Math Stupid! So let's go!
The State of the Union 2012
$15.6 Trillion Gross Domestic Product (The dollars produced by the US Economy)
$3.8 Trillion Federal Spending (Medicare, Medicaid, Social Security, Military, and all other goodies the US Government supplies)
$2.5 Trillion Federal Revenue (money from us, think of it as sales to the taxpayers, our money that is taken)
$1.3 Trillion Deficit (loss, in the hole, get it?)
$16 Trillion US Federal Debt (we all owe this, like it or not)
$360 Billion Interest (like your car loan, mortgage, or credit card, interest on the $16 Trillion US Federal Debt)
We the US citizens, borrow money for the debt by "signing" US treasury Bonds, or loans...Our current interest rate is 1/4 percent...in average years it is 3 percent or higher...
The US Treasury issues debt for us as citizens. The rates are established by the Federal Reserve ( the rule makers).
Interest rates will climb, no matter what in the near future, moving our interest rate to 2, 3 or higher percent. Our debt is so high that our interest payment as citizens will go to $2.880 Trillion at 2 percent as a conservative example. All of the US citizens as shareholders of our nation will be paying interest equal to our total taxes today!
The bottom line is, the only way out is higher tax collections across the board for all citizens and very high inflation that makes today's debt go away easier...all at a huge price to our standard of living...any candidate that says otherwise is not telling the truth, period!
All liberal, conservative or any political philosophies' Achilles heel is this one item. We are all adults, and responsible, time for growing pains!
We all need straight simple talk....American are best when their back's are against the wall!
John Nemcovsky
Warren