Our Deficits
Government Deficits
            Our Federal Deficit resulted from annual spending has recently overtopped $19T.  Unfunded liabilities (i.e., future responsibilities of the government, primarily retiree pensions and healthcare costs, for which no saving has begun) are projected to exceed $100T.  T stands for Trillion (B for Billion, and M for Million, while K is thousand (kilo)).  $19,249,447,291,035 is a number I wrote down at 11:25 am on the day after tax day.  About three minutes later, on http://www.usdebtclock.org/ (which may be unreliable since it sells gold at the bottom left of the page), the number exceeded 19,249,450, xxx,yyy.
            Trillions are staggering numbers for those of us who can barely keep 1K account minimums in our checking accounts (1,yyy).  Some people say "Tax the Rich."  The top 1% (one percent) of people control something like 4T in assets, much of which is not liquid or subject to quick sale.  Even if we took every red cent from them, we would still have 16T in debt (per capita federal debt is about 60K per person, not per adult person), assuming that the debt did not continue to grow — an irrational assumption given that in the last twenty-five years we have only had four years where the government took in more than it spent.
            Rounding this staggering sum up, let us say that our debt is 20T.  If we pay interest only on that loan and we begin to run budget surpluses, at long-term historical averages for U.S. issued debt, we would have 3.863% interest to pay or .03863 * 20T = 772.6B.  Assuming we kept Federal Spending fixed, with perhaps a rising 100B per year pay down, the 3.56T Federal Spending of 2015 gives Congress 2.7874B to spend.  Considering the 2.45T is what is Mandated, including Social Security, Medicare, Veteran's Benefits, Agriculture (includes SNAP), Transportation and Other, we have 242B left over after we try to pay 100B against debt.  Is it any wonder that no "serious" candidate for office lays their tongue on this third-rail?  Defense spending alone was just shy of 600B in 2015, and it was 55% of the total of 1.1T of "Discretionary" spending.  The size of this debt swallows discretionary spending, yet at least one of the sophomores at the national level wants to print more money and get into more debt by adding to Mandatory spending through the provision of healthcare and college education for all.  Why do we keep buying used cars from these elites when they cannot find a way to live within their means?  Elect someone who can do simple math!