How Would Obama's Economic Plan Really Work?

By Alan M Aszkler

In simple terms, what is required to satiate the federal government's deficit spending habit and actually pay off the national debt? Consider this: Americans have a $14,000.00 credit card balance that has reached its limit. (This is our national debt.) We pay the minimum payment of $17.00 a month. At this rate, we will never pay down the principal. To pay down the principle, we need $50.00 per month every month on the $14,000.00 loan as long as the interest remains at 2%. At this rate, it will take 33 years to pay the debt. Any mortgage calculator will validate this payment. The real problem is a governmental spending addiction -- that is, deficit spending, or spending money we don't have. This addiction exceeds our budget for this year by about $1,200.00. Thus, we will need to borrow $100.00 per month. Actually, an additional $150.00 per month is required to pay our national credit card debt and fund the government's deficit spending habit. The real numbers: Congress pays $17 billion per month.... (Read Full Article)