Numbers are a bit off. It would be a $2.2MM mortgage with $700,000 in income, still not unreasonable but more unreasonable when you realize that that $7T is spending and the actual revenue is closer to $5.5 Trillion… so it’s like having a $2.2MM mortgage with $550,000 in income and outlays that are $700,000 per year. While the mortgage only makes up a bit of that, the rest of the spending is driving the $2.2MM higher every year. We also have to keep in mind, the deficit keeps getting worse. It’s not a pretty picture but as you point out, not entirely unmanageable.
Of course, as to another poster, it’s important that we understand the SS burden. Pull up a spread sheet and the reason why it’s important that these programs aren’t funded for the future (i.e. we’re not saving and gaining interest) is because the number of people paying SS is not keeping up with the number receiving it. I would say for my age (48) the retirement number shouldn’t be 63, it should be closer to 75. As we live longer, the retirement age should also increase. That would go a long way to fixing the insolvency we currently have but if we do nothing, it’s going to eat our lunch.