Adding another $1.1 trillion to our debt this year, we have to ask when we are going to stop this madness.
This year, we paid $227 BILLION on interest on our debt. Just think about that for a moment. That's about $1000 for every taxpaying household in America, that is being spent on, essentially, nothing.
But, the picture gets worse. CBO's recent report states that we could the following scenario:
$624 billion interest payments in 2022... that would be 27% of our total tax income last year.
That is taking into account their recommendations for tax increases and spending reductions. The rate we are currently going, we'll be even worse off by then, perhaps $800-$900 billion in interest payments.
We're approaching a point where our debt is going to be unserviceable.
by Mom Kat4 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...
by Journey22446 years ago
I think the wealth should be shared by the Rich. Let's put an end to hunger in our own country.
by Thomas Byers3 years ago
No we didn't fall off the cliff but the Debt Ceiling Crisis is still looming out there and will have to be dealt with sooner rather than later. I'll bet you this is waking up many politicians including the President in...
by fishskinfreak20085 years ago
Web-site/URL: http://news.yahoo.com/s/huffpost/201002 … UtY2xhc3M-More evidence that the worst recession since World War II is still NOT over and won't be until we see some spending and there is a TRUE drop in...
by tobey1005 years ago
Over $14 trillion in deficitApproximately 99% debt to GDP ratioCan you spell depression?Credit rating downgrade9% unemployment20% real unemploymentGas prices skyrocketFood prices skyrocketClothing prices skyrocket1...
by qwark5 years ago
A billion:A billion seconds ago it was 1959!A billion minutes ago jesus alledgedly lived!A billion hours ago our ancestors were living in the stone age!A billion days ago no one walked upon the earth on 2 feet!Now,...
Copyright © 2016 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.
HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.