Stephen Moore: Obama's 'Investment' Charade - WSJ.com

A SOURCE OF FEDERAL SPENDING FACTS: Stephen Moore: Obama's 'Investment' Charade - WSJ.com

Hear, hear on this article.

What clearly was missing in the president's state-of-the-union speech was how the US was going to deal with the fact that 2/5ths of everything the government spends was from borrowed money.

Add in state income taxes and the wealthier residents of many states are already being taxed for more than the maximum 50% that the French pay.

Clearly the politicians are living in Never Never Land - just like the Greeks.

It's good to see this article put down some of the figures related to spending; but, isn't the bottom line that the US is going to have to do some MASSIVE cutting of government spending? And, not just at the Federal level?

After all, what is the average percentage the Federal government is paying now to finance its debt? Isn't it less than 2%?

And, during the 1980's, it was a push to get interest rates on Treasuries down to 8%; and, we're pushing the total Federal accumulated debt to 100%.

Sorry, but doesn't the math suggest we could be using the total current deficit just to pay interest in less than 5 years? (And, lest we avert our eyes from the rates paid by Portugal this month on 10 yr debt - even with aggressive ECB buying. Wasn't it almost 8%?)