Wow, you and others are really that naive?
Currently about 25% of nations tax revenue goes to pay just the interest on our national debt. Considering how low interest rates are, that’s very worrisome.
The more we borrow as a nation, the higher the interest we pay. And that principal??
It’s not any different than your personal finances. So in that line, it matters not how much money you borrow as long as you can service the interest?
Heaven help us, nobody seems to care anymore about a balanced budget or a plan to reduce the National debt.
There are people living today that will probably experience this and all other nations bankruptcy
-28 yr veteran of finance.
Now the “Debt” is a global hot potato! China is insolvent, Russia is the same, The once oil rich countries, one or many will eventually get stuck with it. I highly doubt it will be the US if PJDT is running the nation, I’m bettin China, and the ChiComs know it.
Our “betters” put this all into motion about the time I was born.
PDJT recognises this stuff, If you look back at old interviews of him in the 80’s and 90’s he talks about it.
Re: Currently about 25% of nations tax revenue goes to pay just the interest on our national debt.
I pulled up the Treasury Monthly Statement for the first five months of FY 2020.
https://fiscal.treasury.gov/files/reports-statements/mts/mts0220.pdf
Total Receipts - $1.36 trillion
Net Interest - $162 billion
That’s about 12%.
It would be close to 25% if you exclude Social Security and Medicare taxes - but, I’m not sure why you would want to do that.
Anyway, your 25% sounded off to me, so I checked to see.
Also, the five month deficit is so bad - $625 billion - I can’t bear to even think about it.
With the Great COVID-19 Depression on our doorstep, we are probably on track for a $3 trillion deficit in calendar 2020.
Around 2025, we will hit peak expenditure for Social Security and Medicare for close to ten years.
Total insanity!