The road runs out about 2024
It now appears that kicking the U.S. debt can down the road each year by our legislators will soon be coming to an end when they run out of road.
According to the U.S. Treasury Department’s Office of Debt Management, the U.S. government is just five years away from the point where every new dollar it borrows from the public will go toward funding interest payments on the national debt. Net interest on the national debt has become one of the fastest growing segments of federal spending. When the national debt reaches the point where all newly borrowed dollars must be used to pay this mandatory expenditure, they can no longer increase spending with new welfare programs.
There’s an old saying, “If something cannot go on forever, it will stop.” It’s only ever a question of how painful it will be when it does. Expect, in my opinion, drastic cuts in Social Security, welfare, and all federal government vote-buying free stuff.
Submitted via Virtual Newsroom