Tuesday, October 7, 2008

Those dependent on Government

Carey wrote regarding her disability with Parkingson's disease and her need for Social Security and medicare

Dear Carey, I truly feel for you as someone depending on the solvency of the government to meet your needs. Each year since 1969, Congress has spent more money than its income. The Treasury Department has to borrow money to meet Congress's appropriations. The total borrowed is more than 10 trillion and growing. Even when government officials claim to have a surplus, they still spend more than they get in. We pay interest on that huge debt. Social Security alone is expected to need an additional 12 trillion as the baby boomers drain an underfunded system. Soon the interest payment on the debt will be bigger than any other item in the budget. Eventually, all you can do is pay the interest payment. This situation is known as bankruptcy. I sincerely hope you vote for a candidate that will stop corruption of the system by both sides and reduce excess spending or I believe the solvency of our govenment is in severe jeopardy and unfortunately your need for help

1 comment:

bubbleRefuge said...

Bob, Sorry didn't see your comments on the Andrew Bigs blog. You can have all of your economic questions answered @ www.moslereconomics.com.