Guest Post: Is It Fixable? | Zero Hedge:
"Nations typically enter this vicious cycle once they start having to borrow money just to pay interest on what they already owe.
The US is already way past this point.
If you study US financial conditions, you’ll see that mandatory entitlement programs like Social Security and Medicare soak up over 75% of all federal tax revenue collected.
That’s before paying a penny in interest on the debt. The rest of the budget constitutes several trillion dollars in other expenses like genital-groping TSA agents."
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