How Would Obama's Economic Plan Really Work?

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...(Read Full Article)

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