KenH
Well-Known Member
The $1 Trillion Interest Payment
Big, round numbers focus one’s attention, like the big 5-0 birthday or the year 2000. Is a trillion still one of those numbers?
I ask that question because the Congressional Budget Office recently projected that in fiscal year 2025, taxpayers will pay $1 trillion in interest payments alone on the $34.7 trillion national debt.
...
The trends are not headed in the right direction. In fiscal year 2020, taxpayers paid $345 billion in interest costs, according to the Committee for a Responsible Federal Budget. The projection for this year, only four years later, is $892 billion. The government will spend more money this year on interest than it will on national defense or Medicare. After reaching $1 trillion next year, those interest costs will grow to $1.7 trillion by 2034.
The $34.7 trillion debt – $34,733,747,766,164.31 as of June 21, to be exact – is equal to more than $103,000 for every American. It is more than six times larger than it was at the turn of the century, when it was about $5.6 trillion. In the years since, it has ballooned under each of the past four presidents: George W. Bush, Barack Obama, Donald Trump and Joe Biden – two Republicans, two Democrats.
- rest of column at The $1 trillion interest payment | Opinion | magnoliareporter.com
Big, round numbers focus one’s attention, like the big 5-0 birthday or the year 2000. Is a trillion still one of those numbers?
I ask that question because the Congressional Budget Office recently projected that in fiscal year 2025, taxpayers will pay $1 trillion in interest payments alone on the $34.7 trillion national debt.
...
The trends are not headed in the right direction. In fiscal year 2020, taxpayers paid $345 billion in interest costs, according to the Committee for a Responsible Federal Budget. The projection for this year, only four years later, is $892 billion. The government will spend more money this year on interest than it will on national defense or Medicare. After reaching $1 trillion next year, those interest costs will grow to $1.7 trillion by 2034.
The $34.7 trillion debt – $34,733,747,766,164.31 as of June 21, to be exact – is equal to more than $103,000 for every American. It is more than six times larger than it was at the turn of the century, when it was about $5.6 trillion. In the years since, it has ballooned under each of the past four presidents: George W. Bush, Barack Obama, Donald Trump and Joe Biden – two Republicans, two Democrats.
- rest of column at The $1 trillion interest payment | Opinion | magnoliareporter.com
