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Cheap People Unite! - $11 Trillion and Counting Print E-mail
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Personal Finance - Taxes
Written by the frugal nomad   
Monday, 02 November 2009 14:09
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Now I know I’m ranting but don’t mistake me for one of those right wing activists who are constantly agitating for lower taxes. I want a balanced budget and I’m willing to pay for it. In fact I want to pay off the $11 trillion dollars of accumulated federal debt that will otherwise be taken out of the hides of the next generation. I might be cheap but I’m no parasite.

If we want to control excessive and wasteful government spending – send taxpayers their full tab and let’s see what happens next?   We’ve been lowering tax rates since Reagan and the accumulated federal deficit has mushroomed by 1,000%. There is no extra zero there. The federal debt load went from a trillion to over eleven trillion. And keep in mind that the first trillion financed the Civil War, both world wars, the Korean War, the Vietnam War, the GI Bill, the interstate highway system, the space program, Roosevelt’s Depression era initiatives and Johnson’s Great Society programs that took millions out of abject poverty.

What about the next ten trillion of debt – where did that come from? It came from not paying our collective bills on time and borrowing even more money. And the guys who lent us the money, like the Chinese, always seem to want a little interest and we just keep adding it to the tab. The magic of compounding might be great for savers but it adds up to ruinous voodoo economics for borrowers.



 
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