03-11-2011, 09:04 PM
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Join Date: Jan 2005
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Biggest Bond Fund Dumps US Debt
People who understand who bad things are dumps US debt.
Boehner and the pub 'leaders' are nibbling at the edges with their 60 B in cuts, Obama is a joke with his 4B in cuts. The porblem is much bigger.
Biggest Bond Fund Dumps U.S. Debt - National Review Online
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Which gets us back, as usual, toward the one inevitable, undeniable fact of American life at this moment: The major entitlement programs — Social Security, Medicare, Medicaid — other “mandatory” spending, national defense, and interest on the debt make up more than 80 percent of federal spending. Everything else put together accounts for less than $1 in $5 of government outlays. Assuming we don’t default on our national debt, interest on the debt is the one spending item that is truly off the table. Even if we cut national-defense spending to zero, that would only get us just over halfway toward eliminating the trillion-dollar deficit headed our way in 2012. (We aren’t cutting national-defense spending to zero.) Meaning that major reform of the entitlement programs is not optional. It is do or die.
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Of course if Interest rates go up things get MUCH WORSE.
Game over for the welfare state so loved by the left. The longer we delay the worse the day of reckoning will be.
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