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« Judicial Watch President Updates Clinton Email Case | Main | Obama Declares: 'Climate Debate Is Over, Science Is Settled' »
Monday
May092016

When You Owe $20 Trillion, It's The Interest That'll Kill You

I'LL TAKE UNSUSTAINABLE FOR $200 ALEX

1/4 Point Fed Rate Hike Added $50 Billion To Interest Cost Annually

The government's VISA bill has gone up. Senator David Perdue breaks down the numbers.

The national debt is projected to hit $30 trillion in 2025. We currently pay close to $300 billion annually with record-low interest rates. At some point, unless we are actually Japan, rates have to rise. To be clear, we are talking about paying interest on money we have already borrowed. So a $20 trillion national debt financed at 5% (the historical average) translates into $1 trillion in interest owed every year, which would make it the single largest budget line, well ahead of defense, Social Security and Medicare. Total federal tax receipts are $3.3 trillion, so the interest cost on money we have already borrowed would consume 30% of the $3.3 trillion. Thirty percent. 30%.

How do you say 'unsustainable' in a language that Washington understands.

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US DEBT CLOCK IN REAL TIME: USDEBTCLOCK.ORG

Senator David Perdue (R-GA), a member of the Budget Committee, talks directly to Georgians about the interest costs associated with Washington’s skyrocketing debt. This is the third installment in Senator Perdue’s budget video series on the national debt.

 

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Reader Comments (9)

If Perdue had run for President this cycle he would have been a serious challenge for Trump. And I think Perdue would destroy Hillary. This is the third clip I've posted from him, but I've watched about 20, and he is smart and fair. He has been sounding the alarm on the debt non-stop since he got to the Senate. Every clip he posts to his youtube channel is about the debt, unfunded liabilities and the like.
May 9, 2016 at 4:15 AM | Registered CommenterDailyBail
NYT Editorial on the Defense Budget

http://www.nytimes.com/2016/05/09/opinion/a-better-not-fatter-defense-budget.html?partner=rss&emc=rss&_r=0

While increased funding for some programs may be needed, total military spending, at nearly $600 billion annually, is not too low. The trouble is, the investment has often yielded poor results, with the Pentagon, Congress and the White House all making bad judgments, playing budget games and falling under the sway of defense industry lobbyists. Current military spending is 50 percent higher in real terms than it was before 9/11, yet the number of active duty and reserve troops is 6 percent smaller.
May 9, 2016 at 12:03 PM | Registered CommenterDailyBail
For nearly a decade after 9/11, the Pentagon had a virtual blank check; the base defense budget rose, in adjusted dollars, from $378 billion in 1998 to $600 billion in 2010. As the military fought Al Qaeda and the Taliban, billions of dollars were squandered on unnecessary items, including new weapons that ran late and over budget like the troubled F-35 jet fighter.

http://www.nytimes.com/2016/05/09/opinion/a-better-not-fatter-defense-budget.html?partner=rss&emc=rss&_r=0
May 9, 2016 at 12:04 PM | Registered CommenterDailyBail
German Government Turns Against TTIP Despite Merkel’s Support

http://sputniknews.com/europe/20160509/1039283104/German-Government-Against-TTIP.html#ixzz48B9tccPE
May 9, 2016 at 1:01 PM | Registered CommenterDailyBail
STOP PAYING THE INTEREST, AND JUST PAID THE PRINCIPAL , PERIOD
May 9, 2016 at 3:50 PM | Unregistered Commenteryep
How about we just pay nothing and erase the 20 Trillion. It was PRINTED from NOTHING. No gold or silver just keystrokes by the FED. Private bank that prints money from nothingness and loans it out with interest. Its so easy to free ourselves. Now you know why the Founding Fathers had the IN THE CONSTITUTION that CONGRESS has the power to issue the currency at..... NO INTEREST!!!! Why Interest was forbidden in the bible. FREE YOURSELVES!!!!!!
May 10, 2016 at 3:36 PM | Unregistered CommenterNov5th
The money does not exist to pay the debt run up by our elected servants and forced upon the American people. There is barely enough to pay 1 year of a 1 trillion interest payment...

http://www.federalreserve.gov/faqs/currency_12773.htm

End the Ponzi scheme of the FED designed to bring about slavery and return to a Constitutional currency.

Keystrokes, it is all just keystrokes....
May 11, 2016 at 3:00 AM | Unregistered CommenterS. Gompers
The INCOME is really more than 7 Trillion with 4 Trillion comming from regulations! That is Criminal

Study finds regulations cost U.S. economy $4 trillion ... They keep talking about Smaller Government and all we get is more regulation and more tax.

economiccollapsenews.com/2016/04/28/study-finds-regulations-cost-u...

... U.S. government regulations cost the American economy $4 trillion. ...
May 15, 2016 at 7:07 PM | Unregistered CommenterBackgammon
All debt is paid who benefits the most?
May 16, 2016 at 7:14 PM | Unregistered Commenterron

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