Debt Outpaces National Debt Clock

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Yep. And we have to pay interest on that debt. And that payment comes off the top. Assuming an average note of 5%, that's $500B in annual interest payments or approximately $5,000 in annual taxes per household. Does anyone really think we can continue this Entitlement Society?
 
maxiep said:
Yep. And we have to pay interest on that debt. And that payment comes off the top. Assuming an average note of 5%, that's $500B in annual interest payments or approximately $5,000 in annual taxes per household. Does anyone really think we can continue this Entitlement Society?
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You may be right maxiep, to a certain extent. I am sure some will blame a war, which was very costly, others will blame other programs. Fact is that there is a lot of waste in government and $10 trillion in debt is pretty sobering. Unfortunately with the economy the way it is now, we probably will be spending more to engage in fiscal policy. Maybe during one of these high cycles in the economy the government should actually try to pay it down. What happens when all of the baby boomers retire and decide to cash in their bonds?
 
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