The Mounting Debt
November 23, 2009
Jacob G. Hornberger
11/23/2009
A front-page article in today’s New York Times entitled “Wave of Debt Payments Facing U.S. Government” details what conservatives and liberals have done to our country with their out-of-control federal spending for their welfare-warfare state. The article reports that the national debt is now topping $12 trillion.
That debt, of course, represents the difference between what the feds are spending and how much the IRS is collecting from the American people in the form of income taxes. Rather than order the IRS to go out and increase the amount of people’s income it was seizing, an act that might antagonize voters, the Big Spenders, conservatives and liberals alike, simply went out and borrowed the money.
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Harold
