The US National Debt

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Floyd
Posts: 532
Joined: Sun Jul 09, 2017 4:11 pm

The US National Debt

Post by Floyd » Sat Oct 12, 2019 9:22 am

As Jon Miltimore has written, "the problem is that the human mind has trouble understanding a figure so huge." Below are some facts that help put into perspective just how large is the sum of $22.5 trillion:

1. In order to pay down our national debt you would have to combine the GDP of China, Japan, and India.

2. The United States owes $68,400 per citizen.

3. The United States owes $183,000 per taxpayer.

4. The United States currently has $125 trillion (yes, trillion) in unfunded liabilities.

5. According to the nonpartisan Congressional Budget Office (CBO), the US debt held by the public will reach 100 percent of GDP in 2028.
image: https://www.prophecynewswatch.com/image ... anner1.jpg

6. In 2008, interest on the federal debt was $253 billion. Interest for Fiscal Year (FY) 2019 is roughly 89 percent higher.

7. For FY 2019, interest alone on the federal debt is $479 billion. In 1979, total federal government receipts were $463 billion.

8. In the year 2000, the federal debt was $5.67 trillion. In 2019, federal debt is 297 percent higher.

9. At Forbes, Jim Powell writes that the old New Deal cost about $50 billion from 1933 to 1940, whereas the "future cost of old New Deal programs still in effect is reckoned at more than $50 trillion."

10. A recent analysis by the CBO projected that the federal budget deficit (deficit as in the difference between federal outlays and revenues) will grow to $1 trillion alone in 2020.

11. As of December 2018, only ten countries have worse Debt-to-GDP ratios than the United States.

12. At NPR, Danielle Kurtzleben writes that Senator Bernie Sanders' "taxation-and-spending plans...would together add $18 trillion to the national debt over a decade."

13. According to the Center on Budget and Policy Priorities, roughly 24 percent of federal spending goes to Social Security, 26 percent to federal health insurance programs, 9 percent to safety net programs, and only 2 percent on transportation infrastructure.

14. By 2025, the cost of servicing our national debt will exceed the cost of our military spending.

15. The cost of implementing a Universal Basic Income, presidential candidate Andrew Yang's central social program proposal, would cost $3.8 trillion per year or roughly 85 percent of current federal spending.

16. It would take the United States 713,470 years to pay down the national debt if we paid $1 per second of the year.

17. Modern presidents have doubled the national debt every nine years.

18. The Federal Reserve "purchased large amounts of federal debt as part of its quantitative easing program," thus cheapening the cost (decreasing the interest rates) of money.

Lawmakers and political pundits continue to insist that federal revenues are the real issue despite continuous growth in federal revenues.

Heated rhetoric over federal tax cuts ignores the reality that federal spending increases continue to outpace federal revenue increases.

At some point, purchasers of US treasury securities may request a higher return, materializing in higher interest rates, unless lawmakers address our growing national debt.

For now, it is up to voters to demand that lawmakers implement responsible policies that protect our nation's financial security.

learning
Posts: 406
Joined: Tue Jul 11, 2017 4:57 pm

UNfunded liabilities

Post by learning » Wed Oct 16, 2019 2:04 pm


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