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18 Facts on the US National Debt That Are Almost Too Hard to Believe | Mitchell Nemeth fee.org/articles/18-fa… via @feeonline
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.
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.
5. According to the nonpartisan Congressional Budget Office (CBO), the US debt held by the public will reach 100 percent of GDP in 2028.
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
7. For FY 2019, interest alone on the federal debt is $479 billion. In 1979, total federal government receipts were $463 billion
8. In 2000, the federal debt was $5.67 trillion. In 2019, federal debt is 297 percent higher.
9. Forbes’ Jim Powell writes 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 more than $50 trillion.”
9. Forbes’ Jim Powell writes 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 more than $50 trillion.”
10. A recent analysis by the CBO projected 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 US
11. As of December 2018, only ten countries have worse Debt-to-GDP ratios than the US
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, Andrew Yang’s central social program proposal, would cost $3.8 trillion per year or roughly 85 % of current federal spending
15. The cost of implementing a Universal Basic Income, Andrew Yang’s central social program proposal, would cost $3.8 trillion per year or roughly 85 % 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.
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.
