In this video Dr. Antony Davies breaks down federal government spending. Using 2011 budget numbers he shows that the federal government could do nothing but pay interest on the debt and run medicare, medicaid, and social security and still they would not have balanced their 2011 budget.
Seeing how much the government would need to have cut just to balance the budget in 2011 shows that we have a serious problem in this country. Our spending cannot continue at current rates. Like Dr. Davies says in the video, we need to seriously rethink what we want our government to do. If we want it to continue to do the things it does now we are looking at 100% tax increases across all income brackets. Soaking the rich will not work, there just are not enough of them.
So whenever you hear politicians tell you we can solve our debt problems by raising taxes on the 1% remember this video. That claim is just not mathematically possible.