"...Within a decade, the United States will be spending more of the federal budget on its interest payments than on its military. You read that right: more on debt service than on the armed services. According to the CBO’s long-term budget outlook, by 2020 the government will be paying between 15 and 20 per cent of its revenues in debt interest. Whereas defense spending will be down to between 14 and 16 per cent. And even those figures are premised on an optimistic assumption of resumed economic growth but continued low interest rates...
What does that mean? In 2009, the US spent about $665 billion on its military, the Chinese about $99 billion. If Beijing continues to buy American debt at the rate it has in recent times, then within a few years US interest payments on that debt will be covering the entire cost of the Chinese military. This summer, the Pentagon issued an alarming report to Congress on Beijing’s massive military build-up, including new missiles, upgraded bombers, and an aircraft-carrier R&D program intended to challenge US dominance in the Pacific. What the report didn’t mention is who’s paying for it.
An utterly pointy headed nit with regard to the threadline - Steyn talks about "decline and fall", echoing the title of Edward Gibbon's book The Decline and Fall of the Roman Empire. Our predicament is often compared to Rome. Ironically, Gibbon's book was published in 1776.
"Rise and fall" would echo the title of William Shirer's book Rise and Fall of the Third Reich. I'm pretty sure that this is not the comparison which DWT aimed to evoke.
Some of the fun stuff contained herein:
ReplyDelete"...Within a decade, the United States will be spending more of the federal budget on its interest payments than on its military. You read that right: more on debt service than on the armed services. According to the CBO’s long-term budget outlook, by 2020 the government will be paying between 15 and 20 per cent of its revenues in debt interest. Whereas defense spending will be down to between 14 and 16 per cent. And even those figures are premised on an optimistic assumption of resumed economic growth but continued low interest rates...
What does that mean? In 2009, the US spent about $665 billion on its military, the Chinese about $99 billion. If Beijing continues to buy American debt at the rate it has in recent times, then within a few years US interest payments on that debt will be covering the entire cost of the Chinese military. This summer, the Pentagon issued an alarming report to Congress on Beijing’s massive military build-up, including new missiles, upgraded bombers, and an aircraft-carrier R&D program intended to challenge US dominance in the Pacific. What the report didn’t mention is who’s paying for it.
Answer: Mr and Mrs America."
Good to know, eh?
If your candidate isn’t committed to fewer government agencies with fewer employees on lower rates of pay, he’s part of the problem.
ReplyDeleteExactly.
"Government Doesn't Suck" rally planned.
ReplyDelete(Real. Not Onion. Might as well be, though.)
US falls out of the top 20 least corrupt countries.
ReplyDeleteNot declining. Falling.
An utterly pointy headed nit with regard to the threadline - Steyn talks about "decline and fall", echoing the title of Edward Gibbon's book The Decline and Fall of the Roman Empire. Our predicament is often compared to Rome. Ironically, Gibbon's book was published in 1776.
ReplyDelete"Rise and fall" would echo the title of William Shirer's book Rise and Fall of the Third Reich. I'm pretty sure that this is not the comparison which DWT aimed to evoke.
Good catch, lewy! I'm sure that DWT was thinking The Decline and Fall, while his fingers were typing The Rise And Fall.
ReplyDeleteSometimes brilliant minds think faster than they type. Right, DWT? ;)
Whatever are you two talking about?
ReplyDeleteHuh? *rubbing eyes* Why, I could've sworn...must be seeing things. ;;)
ReplyDelete