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The day of reckoning looms: Since 2010 total government spending per household has exceeded what each household earns per year.
In other words, even if the federal, state, and city governments took 100 percent of your income in taxes, they still wouldn’t get enough money to pay their expenses. And since government spending has continued to rise since 2010 amid a stagnant economy, this situation has worsened, not improved. Worse, in 2012 the public voted in favor of accelerating this situation by voting for more Democrats in the Senate, while keeping a spendthrift Democratic President in power.
We are going bankrupt. It is only a matter of time.