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.
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