Those above items are the largest items on the budget. The fourth one, the interest on national debt is enjoying the lowest interest rates in decades. That will not last. The time soon will come when no one will want to purchase anymore treasury bonds or promisary notes from the US.
When that happens you will see the interest rates go up fast unless we start paying down the debt. The US is already in danger of losing its AAA credit rating.
In 2010, for every interest rate percentage increase, the US, will have to pay $120 billion more per year on the national debt. A 4% interest rate increase would increase the annual interest payment to over $880 billion. That is assuming we have no more deficit spending. When’s the last time that happened?? 1969.
Every decision will be unpalatable and downright painful. Every American will scream that their Ox is being gored. The federal government has no constitutional business running Social Security, Medicare/Medicaid, welfare and many other things its doing but seduction politics works. It’s a Titanic heading for the iceberg and our politicians are having a party in the ballroom.
There is still time but I don’t see the political will from Americans and their politicians.
The people have proven they won’t vote for anyone who will take away their candy even if they have diabetes.
Disaster is imminent unless we get some real leadership in congress.