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Total revenue in 2013 was 2.8 trillion, but the U.S. government had a deficit of $ 680 billion last year.
The deficits have gone down some, but not enough. These type of deficits are not sustainable. If interest rates go up, the debt service will end up eating a giant bite out of this and will throw everything into chaos.
As Insta says, something that can't go on, won't.
ReplyDeletePS Even as Jack Kennedy made that speech, the foundations of the Great Society were being laid.
(along with Marilyn Monroe)