The total revenue that the government currently takes in each year is 4.5 trillion. We currently owe $40 trillion on the national debt. The average yield of a treasury bond over the last 30 years is 5%, so 5% of 40 trillion dollars is 2 trillion dollars a year that we have to pay interest but we only collect four and a half trillion a year so half of our money is going to pay the interest on our debt. So imagine if you earned $100 a week on your check but $50 a week was taken to pay for the interest on your debt. This is not paying down your debt this is only paying the interest on your debt. If you were a person, under this enormous debt, you would be bankrupt. I don’t think it’s possible to pay down that debt and I think we will go default next year
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The total revenue that the government currently takes in each year is 4.5 trillion. We currently owe $40 trillion on the national debt. The average yield of a treasury bond over the last 30 years is 5%, so 5% of 40 trillion dollars is 2 trillion dollars a year that we have to pay interest but we only collect four and a half trillion a year so half of our money is going to pay the interest on our debt. So imagine if you earned $100 a week on your check but $50 a week was taken to pay for the interest on your debt. This is not paying down your debt this is only paying the interest on your debt. If you were a person, under this enormous debt, you would be bankrupt. I don’t think it’s possible to pay down that debt and I think we will go default next year
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