We have a huge debt, sure, but what does it mean?
Right now, interest rates are low. In 2011, we spent $227 billion on interest payments. Just think about that for a second. $227 billion dollars gone, spent on essentially nothing. Every year, we waste taxpayer dollars on our debt. $227 billion dollars split among all tax returns would give each household a check for $1,600.
CBO's baseline projection(meaning if nothing changes) estimates that by 2022, we will be spending $624 billion on interest. That's the baseline, not what is actually going to happen if we continue making things worse and worse. With changes that are coming, you have to add trillions and trillions more to the debt though 2022.
Federal debt is like a credit card. The more you spend before you have it, the more it bites you in the rear later on. From 2013-2022, we are going to spend $4.2 trillion dollars, on interest.
Non of that makes any sense. Where's your data?
(Devil's advocate)
Meh, if I post the data, I'm sure *some* unnamed people here will call the source a conservative-baised-koch-endorsed-think-tank.
In all seriousness, here:
http://www.cbo.gov/sites/default/files/ … utlook.pdf
Oh I know you had it and yeah there are a couple here who will deny the validity of anything...anything at all.
I dunno, the CBO is harder to deny.
My guess is they'll ignore it completely. Just like when I showed GE's tax rate. Just like when I showed the efficiency of UPS vs USPS. Just like when I showed how many jobs were created by Bain Capital(even though jobs are only a side effect of their goals). Just like when I showed how GM is continuing to rip off all Americans, while being praised as Obama's glorified saving of the economy.
by Cat R 12 years ago
What is the reason for our country's gigantic amount of debt?What do you think causes the most 'damage'?- Illegal Immigrants and the loss of taxes/amount of money paid to them for welfare type programs (that are not covered by the taxes they pay since they don't pay taxes)?- The money spend on...
by Kat 11 years ago
Alright, so I have a question & I would appreciate not being attacked. With the debates and election coming up, as usual, one of the big topics is the national deficit.My question is this: Who do we owe that much money to?It keeps going up, why? Where is all of this borrowed money...
by Marc Woodard 14 years ago
This Exerpt taken from my hub "A Stern Message to our Health Reform Politicians""They steal our tax dollars without representation, run up debt in back room deals and God knows if our GDP will be enough to clean up our debt even within a hundred years. You see if Bernie Madoff would...
by zzron 12 years ago
Maybe the word hate is a little strong. So why do people dislike President Obama and the way he is running the country? Are you an Obama fan? Yes, no, what is your opinion of Obama and his policies?
by mio cid 12 years ago
The republican position is that under no circumstance will they allow any tax raise as part of the negotiations to raise the debt ceiling.They also want spending cuts, right now,significant in quantity,and across the board except on defense , when asked if the only way an agreement could be reached...
by crazymom3 9 years ago
What is the government doing to pay off the national debt? How is it being paid off?
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