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 Kat 12 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 fishskinfreak2008 14 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 unemployment (i.e. when the decrease ISN'T because SOME PEOPLE HAVE GIVEN UP...
by Thomas Byers 12 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 the middle of the night. What do you think?Who do you blame for the Debt Ceiling...
by Journey2244 15 years ago
I think the wealth should be shared by the Rich. Let's put an end to hunger in our own country.
by Cat R 13 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 American View 12 years ago
Nancy Pelosi was on Fax News last Sunday continuing to claim their is no spending problem. She also claims that sequestration was wrong. First, if it was so wrong as she admittedly claimed, why did she so vocally support it in the first place?Second, she blames the Republicans cuts would...
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