Why Our Exploding National Debt Could Threaten America's Future

[ffr]

The national debt is out of control and if something isn't done, it could cost us more and more in the years to come. Now the Federal Reserve has joined the ranks of those who are sounding the alarm.

Right now, the national debt stands at a whopping $23 trillion and growing every minute.

That means US taxpayers will waste almost $480 billion this year alone, just to cover the interest payments. That's 10 percent of the US budget. If the interest rate were to go up just one point, those interest payments could jump to $720 billion.



The chairman of the Federal Reserve Jerome Powell delivered a blunt warning to Congress on Tuesday, saying lawmakers must cut deficit spending while interest rates are low or pay the price later. - CBN

You know why the Kremlin's GOP are all for deficits? Because they know a ruined economy will hurt them the least. They're the masters at running up deficits through deferred taxes, a la tax cuts. Democrats can't run of fiscal responsibility because who wants to vote in a politician that forces them to make tough decisions!! It's a catch-22.

[Mystery sage]

1. Also one other scary point.

Like George Bush junior he and his men might have hit the numbers from the public so we might not ever see the what we really owe until it's too late.

[BarbaRosa]

2. $19,961,806,080,655

This was the national debt the hour trump** was sworn in. I screen captured it so I could refer to it later.

[JHB]

3. Fiscal Vandal Republicans. Say it with me now!

The Republicans, to the extent they really believed in being "fiscally conservative" in the first place, abandoned it under their sainted Ronald Reagan. Its last wheezing gasp was when GHW Bush signed off on the inadequate '91 tax hike to at least attempt to stem the flow of Reagan's red ink.

Conservatives crucified him for it.

All Republican policies have done is balloon the deficit, all while they point fingers at the Democrats.

[sakabatou]

4. You think Republicans give a shit about finances when they're in charge?

[Initech]

5. Nope, they spend recklessly on the military.

When they accuse liberals of "tax and spend" policies, it's complete bullshit. They spend and they don't care.

[Vogon_Glory]

6. Let us not forget that part of the reason that the Clinton era boomed

was because the Clinton administration tried to pay down the federal government’s debt.

Since then we’ve had two fiscally reckless Republican Presidents and the debt has ballooned.


A lot of us Boomers and at least some of Generation X remember the grim days of Stagflation and it’s causes. We don’t want those days back—ever.