Deficits matter. Borrowing to support excessive spending can lead to bankruptcy. For every $100 our government spends, $69 comes from taxes and $31 is borrowed or printed money.
Under President Obama, the federal debt has increased from $10.6 trillion to $16.2 trillion over the past four years.
Financial Year
One trillion dollars represents $3,200 per person in America. Thus the national debt now approaches $52,000 per person, or $208,000 per family of four. At a historically typical rate of 5 percent, interest on the debt would equal $10,400 per family this year.
Budget Deficit
The Office of Management and Budget forecasts debt increases each year through 2022.Greece has large deficits after heavy spending and borrowing for years. One-third of the workforce is on the government payroll.
Government bonds have junk status. The government cannot pay its workers and suppliers on time. Banks won’t lend, businesses are closing, and there are violent riots in Athens. Unemployment is 24 percent overall, 55 percent for young adults.
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