This is an interesting video that garnered 5 million hits on You tube.
Hernando GOP Chairman and state GOP Vice Chairman Blaise Ingoglia's "Brother can you spare a trillion" became a YouTube's top 10 political video of the year.
Chairman Ingoglia is talking about the interest on the National Debt.
In the past most of this federal money went to US citizens which is not a problem, Today more than half of the national debt is foreign owned which is a big problem because most of the money goes overseas. In the 1990s only about 25 per cent of the National Debt was foreign owned.
Most economists believe that 80 to 90 per cent of this debt was caused by excessive defense spending related to 60 or more wars and contingencies since World War 2. Keep in mind that the Iraq and Afghan wars cost $1 trillion, but the Bush administration never raised taxes to pay for them.
Defense spending increased 40 per cent after 911. When you add federal expenses for defense, homeland security the veterans administration and the the national debt interest payments, well more than 50 per cent of federal revenues from income tax go toward defense.
The US is number one in defense spending in the world. We spend six times what China spends, who is number two. China spends 9 per cent of its Gross Domestic product on infrastructure while the US spends 2 per cent.
One hundred years from now, the Chinese will be remembered as builders and the US will be remembered as foolish war monkeys.
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