Straight talk from an accountant. He boils it all down into simple English. The budget dilemma will not be solved by "arguing over who pays the highest fares on the sinking Titanic".
The cost of goverment ($1.3T annually) is put directly on credit. Watch the video to see why that statement should scare the hell out of you.
Mandatory entitlements (SS, Medicare, Medicaid, TARP,etc) consume 100% of the tax receipts every year. Not $1 is left for the cost of the actual government.
After watching this video, you will understand the idiocy of these debate arguments over who can balance the budget. NEITHER OF THEM CAN!
[youtube_browser]EW5IdwltaAc[/youtube_browser]
The cost of goverment ($1.3T annually) is put directly on credit. Watch the video to see why that statement should scare the hell out of you.
Mandatory entitlements (SS, Medicare, Medicaid, TARP,etc) consume 100% of the tax receipts every year. Not $1 is left for the cost of the actual government.
After watching this video, you will understand the idiocy of these debate arguments over who can balance the budget. NEITHER OF THEM CAN!
[youtube_browser]EW5IdwltaAc[/youtube_browser]
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