Yes, that is how much the U.S. deficit is growing. How long can this continue? Ronald Reagan wanted smaller government. Since then, government has grown to the point where the generated deficit cannot be sustained much longer. We are at a crossroads now. Taxing the entrepreneurs will only reduce economic expansion and increase unemployment. John Kennedy and Ronald Reagan inspired Americans to dream big at a time when many were discouraged workers. “The people perish without a vision”.
The potential cuts in the future currently being discussed is simply slowing the deficit growth, not resolving it.
Swiss financial journalist Myret Zaki: “The collapse of the American dollar… is inevitable. The world’s biggest economy is nothing but an illusion. To produce $14,000 billion of nation income, the United States has created over $50,000 billion of debt that costs it $4,000 billion in interest payments each year.”
“They (U.S.) can expect a very long period of austerity, which has already begun. Forty-five million Americans have already lost their homes, one third of the population is out of the economic system and is not spending, while a number of states are bankrupt. There is nowhere prosperous anymore. Everything is built on debt.” See: http://www.swissinfo.ch/eng/Home/Archive/Dollar_faces_extinction.html?cid=30012940
Proverbs 22:7 The rich rules over the poor, and the borrower is the slave of the lender. (ESV)
Slavery is a reality whether it be to a lender or “stuff” that has been accumulated over the years. How many times do you move those things when looking for something important? Being a slave to debt & stuff keeps you from focusing on serving others and being a blessing of Love. This is true for a nation as it is true for an individual.