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?
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.
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Hey Hubbers,Have another article worth reading.http://www.cnbc.com/id/37994720
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