Monday, December 7, 2009

Interest on our Monumental Debt

This is absolutely insane and immoral! Tell your senators and representatives to stop spending!


How much money are we talking about? Today, the national debt is topping $12 trillion and the White House estimates that the government’s tab for servicing the debt will exceed $700 billion a year in 2019, up from $202 billion this year. To put these numbers in perspective, Edmund Andrews writes in the New York Times that this means an additional $500 billion a year in interest payments in less than 10 years, which is "more than the combined federal budgets this year for education, energy, homeland security, and the wars in Iraq and Afghanistan."
Borrowing money has consequences. We have to face them sooner rather than later.

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