I've pointed this out to a few people over the last few years, as soon as the Fed finally raises interest rates beyond their supernaturally low current levels, the amount of money we will have to pay to MAINTAIN THE INTEREST PAYMENTS on the national debt will balloon out of control. These current talks about raising the debt ceiling another trillion and cutting some discretionary spending are going to look ridiculous in hindsight.
Only drastic changes can fix drastic problems.
1. The rise in interest expense will cause more Federal revenue to go into paying debt interest, cancelling out any small gains made from cost cutting.
2. The economy is not going to grow by 4% annually as predicted by the White House, leaving us another 4 Trillion in debt over the next ten years even if we don't allocate an extra dollar.
3. The long run costs of Obamacare are going to be much higher than anyone anticipated, further adding to the debt.
We must bring the troops home, war is killing this country. We must end the Federal Reserve and let Congress dictate financial policies; buying our own debt with money we print is insane. We must raise retirement ages and cut back on the amount of Social Security, medicare and medicaid a citizen can collect. We must do these things now, before we turn into a failed state and leave my children living in a 3rd world country.