Running in the red: How the U.S., on the road to surplus, detoured to massive debt
Now, instead of tending a nest egg of more than $2 trillion, the federal government expects to owe more than $10 trillion to outside investors by the end of this year.
The biggest culprit, by far, has been an erosion of tax revenue triggered largely by two recessions and multiple rounds of tax cuts.
Big-ticket spending initiated by the Bush administration accounts for 12 percent of the shift.
Most Republicans reject raising taxes as part of the solution; House Speaker John A. Boehner (Ohio) has called it a “non-starter.” (of course -- “Most Harm to the Most People” is their number one objective)
NOTE: “The debt ceiling, set at $14.3 trillion, covers all federal debt, including money the Treasury owes other federal entities, such as the Social Security trust fund.” That is the GHOP has been robbing the SSI Fund to pay for tax cuts to its members… thus achieving a two fold goal – enriching itself while inflicting “The Most Harm to the Most People”.
ANTI-AMERICAN FORCES UNITE … support your local Republican and destroy the American Economy … and, in the process, the lives of your children and grandchildren.