Do you know how much we pay on JUST INTERESTon the National Debt each year?

[Little-Acorn]

This is without actually paying off any of the debt, which we have never done in living memory. But we can't avoid paying the interest on that debt, every year.

From the Statistical Abstract of the United States:

Year . . . . . . Interest paid on National Debt
2009 . . . . . . $383 billion
2010 . . . . . . . 414 billion
2011 . . . . . . . 430 billion

The government has stopped printing the Statistical Abstract (and these figures may hint at why). But if the trend continues as it has, we're probably paying up to $480 billon per year by now. And if interest rates rise, it could quickly become $500B, $600B or more. Every year.

That means we, the taxpayers, are paying $5,500 for every family of four in the country. Every year. (More if the National Debt increases, which it does every year).

And it's money that buys us nothing. It just the rental fee for the $17 Trillion dollars we've already borrowed. And which the liberals say we don't have to repay. As long as we keep paying that $5,500 every year. Every family of four. Forever.

Could you have used that $5,500 for something else last year?

How about the $5,500 (probably higher than that) that you'll also pay next year?

Ask yourself that, the next time the big-spending big-government pushers tell you that there's no reason to pay off the National Debt.

 

[SmarterThanTheAverageBear]

The US WILL end up declaring bankruptcy and starting over.

We should elect a conservative POTUS in 2016 and restructure EVERYTHING and declare bankruptcy. Just start anew.

Step 1. Change to national sales tax. Tough shit if you think that's unfair to poor people. MUST be done.

Step 2. Close the border and put at least a temporarily halt to ALL immigration

Step 3 . End ALL welfare, close down ALL government agencies which deal in welfare. Simply pay every adult American $30K a year, and tell them make it last or perish.

Step 4. Balanced budget Amendment Amendment. You no have the money, you no spend the money.

Step 5. Profit.

 

[Little-Acorn]

Simply pay every adult American $30K a year, and tell them make it last or perish.

Where will the government get the money to do that???

 

[SmarterThanTheAverageBear]

Simply pay every adult American $30K a year, and tell them make it last or perish.

Where will the government get the money to do that???

We spend right now about $85K per adult per year to sustain our current welfare system. I realize that it SOUNDS bizarre, but the reality is we would save money, a LOT of money by doing it a different way.

 

[konradv]

The US WILL end up declaring bankruptcy and starting over.
We should elect a conservative POTUS in 2016 and restructure EVERYTHING and declare bankruptcy. Just start anew.
Step 1. Change to national sales tax. Tough shit if you think that's unfair to poor people. MUST be done.

It's also unfair to some businesses. I'm assuming you're advocating the repeal of the income tax and having a 15-20% sales tax instead. If that's true, you can say good bye to the used car business. Even today people do private sales so they can fudge the sale price and pay less in sales tax and that's at the 5-7% common today. Who's ever going to go to a used car lot in the future, if the sales tax is 15-20%? Congratulations, you've just flushed a man's business down the toilet.

 

[Toddsterpatriot]

Simply pay every adult American $30K a year, and tell them make it last or perish.

Where will the government get the money to do that???

We spend right now about $85K per adult per year to sustain our current welfare system. I realize that it SOUNDS bizarre, but the reality is we would save money, a LOT of money by doing it a different way.

We spend right now about $85K per adult per year to sustain our current welfare system.

How many adults do you think we have in this country?

 

[Toddsterpatriot]

The US WILL end up declaring bankruptcy and starting over.
We should elect a conservative POTUS in 2016 and restructure EVERYTHING and declare bankruptcy. Just start anew.
Step 1. Change to national sales tax. Tough shit if you think that's unfair to poor people. MUST be done.

It's also unfair to some businesses. I'm assuming you're advocating the repeal of the income tax and having a 15-20% sales tax instead. If that's true, you can say good bye to the used car business. Even today people do private sales so they can fudge the sale price and pay less in sales tax and that's at the 5-7% common today. Who's ever going to go to a used car lot in the future, if the sales tax is 15-20%? Congratulations, you've just flushed a man's business down the toilet.

Usually, a National Sales Tax only involves new goods.

 

[konradv]

Usually, a National Sales Tax only involves new goods.

Think they'll leave it at that? I find that hard to believe. Sales tax in many states wasn't originally levied on necessities like clothes. That didn't last very long.

 

[Toddsterpatriot]

Usually, a National Sales Tax only involves new goods.

Think they'll leave it at that? I find that hard to believe. Sales tax in many states wasn't originally levied on necessities like clothes. That didn't last very long.

Think they'll leave it at that?

I don't think it will ever come to be.

 

[Little-Acorn]

We spend right now about $85K per adult per year to sustain our current welfare system.

That would be in excess of $10 trillion per year.

But according the the U.S. Govt Statistical Abstract, TOTAL Federal spending on everything (Welfare, defense, SS, everything) is around $4 trillion.

Perhaps you should open a book or two before making up your statistics like that.

Back to the subject:
We are currrently paying approx. $5,500 per year per family of fours, for interest ONLY on the National Debt. And if we borrow more, that will go up. And if interest rates rise, it will go WAY up.

The big-govt pushers should reconsider before telling us we don't need to pay off any of the National Debt.

What effect would it have on the economy, if every family didn't have to lose $5,500 every year?

 

[hazlnut]

This is without actually paying off any of the debt, which we have never done in living memory. But we can't avoid paying the interest on that debt, every year.

From the Statistical Abstract of the United States:

Year . . . . . . Interest paid on National Debt
2009 . . . . . . $383 billion
2010 . . . . . . . 414 billion
2011 . . . . . . . 430 billion

The government has stopped printing the Statistical Abstract (and these figures may hint at why). But if the trend continues as it has, we're probably paying up to $480 billon per year by now. And if interest rates rise, it could quickly become $500B, $600B or more. Every year.

That means we, the taxpayers, are paying $5,500 for every family of four in the country. Every year. (More if the National Debt increases, which it does every year).

And it's money that buys us nothing. It just the rental fee for the $17 Trillion dollars we've already borrowed. And which the liberals say we don't have to repay. As long as we keep paying that $5,500 every year. Every family of four. Forever.

Could you have used that $5,500 for something else last year?

How about the $5,500 (probably higher than that) that you'll also pay next year?

Ask yourself that, the next time the big-spending big-government pushers tell you that there's no reason to pay off the National Debt.

When is this country going to come of the stupid coma and realize we have to tighten our belts and raise taxes.

 

[PaintMyHouse]

Do you know how much we pay on JUST INTEREST on the National Debt each year?

Yes.

 

[C_Clayton_Jones]

"Do you know how much we pay on JUST INTERESTon the National Debt each year?"

This is typical of the ignorance of the economy common to most on the right, why blind adherence to failed conservative economic dogma is reckless and irresponsible, and why rightists shouldn't be left alone when deciding what economic policies to implement:

“Both Mr. Krugman and the White House have long argued–correctly–that short-term deficits were not the problem and that reducing them too much too fast would harm the economy.

While the massive deficits of recent years were startling, they were never the country’s key fiscal problem.

Much of the growth in the federal deficit was a sign of just how bad the economy was. But deficits were also a partial cure for our economic woes in that the automatic stabilizers and the additional spending in the 2009 stimulus (for all its flaws) stopped the economic tailspin from becoming far worse.

What was needed then and is still needed now is a plan–not for short-term austerity but to address our medium- and long-term debt situation.”

Yes the Deficit Is Smaller. But That Wasn 8217 t the Main Problem. - Washington Wire - WSJ

 

[Little-Acorn]

Pretty typical of liberal economists - using inaccurate figures, waving their hands around, and announcing "Well, there must have been something even worse, somewhere, somehow!" ... without naming it or backing up his words, of course.

Back to the subject:
We, the taxpayers, are paying $5,500 for every family of four in the country. Every year. (More if the National Debt increases, which it does every year).

And it's money that buys us nothing. It just the rental fee for the $17 Trillion dollars we've already borrowed. And which the liberals say we don't have to repay. As long as we keep paying that $5,500 every year. Every family of four. Forever.

Could you have used that $5,500 for something else last year?

How about the $5,500 (probably higher than that) that you'll also pay next year?

Ask yourself that, the next time the big-spending big-government pushers tell you that there's no reason to pay off the National Debt.

 

[Toddsterpatriot]

Simply pay every adult American $30K a year, and tell them make it last or perish.

Where will the government get the money to do that???

We spend right now about $85K per adult per year to sustain our current welfare system. I realize that it SOUNDS bizarre, but the reality is we would save money, a LOT of money by doing it a different way.

We spend right now about $85K per adult per year to sustain our current welfare system.

How many adults do you think we have in this country?

 

[edthecynic]

This is without actually paying off any of the debt, which we have never done in living memory. But we can't avoid paying the interest on that debt, every year.

From the Statistical Abstract of the United States:

Year . . . . . . Interest paid on National Debt
2009 . . . . . . $383 billion
2010 . . . . . . . 414 billion
2011 . . . . . . . 430 billion

So we are paying $383 billion/year on the Pre-Obama GOP National Debt of Reagan, Bush I, and Bush II and $47 billion/year on the Obama debt.

 

[TooTall]

This is without actually paying off any of the debt, which we have never done in living memory. But we can't avoid paying the interest on that debt, every year.

From the Statistical Abstract of the United States:

Year . . . . . . Interest paid on National Debt
2009 . . . . . . $383 billion
2010 . . . . . . . 414 billion
2011 . . . . . . . 430 billion

So we are paying $383 billion/year on the Pre-Obama GOP National Debt of Reagan, Bush I, and Bush II and $47 billion/year on the Obama debt.

The chart only goes to 2011. It is a bit higher in 2012, 2013 and 2014.

 

[Little-Acorn]

The chart only goes to 2011. It is a bit higher in 2012, 2013 and 2014.

Which I pointed out in the OP, and the liberal you're quoting carefully cut out:

But if the trend continues as it has, we're probably paying up to $480 billon per year by now. And if interest rates rise, it could quickly become $500B, $600B or more. Every year.

 

[PaintMyHouse]

The chart only goes to 2011. It is a bit higher in 2012, 2013 and 2014.

Which I pointed out in the OP, and the liberal you're quoting carefully cut out:

But if the trend continues as it has, we're probably paying up to $480 billon per year by now. And if interest rates rise, it could quickly become $500B, $600B or more. Every year.

Probably should have raised taxes to cover the bills, maybe spent less and grown the economy more? Yep.

 

[edthecynic]

This is without actually paying off any of the debt, which we have never done in living memory. But we can't avoid paying the interest on that debt, every year.

From the Statistical Abstract of the United States:

Year . . . . . . Interest paid on National Debt
2009 . . . . . . $383 billion
2010 . . . . . . . 414 billion
2011 . . . . . . . 430 billion

So we are paying $383 billion/year on the Pre-Obama GOP National Debt of Reagan, Bush I, and Bush II and $47 billion/year on the Obama debt.

The chart only goes to 2011. It is a bit higher in 2012, 2013 and 2014.

Just wishful thinking on your part!

Actually, it's a bit lower for 2012 and 2013..

2014 $430,812,121,372.05
2013 $415,688,781,248.40
2012 $359,796,008,919.49