If the government were an individual, it would have declared bankruptcy or been imprisoned for fraud a long time ago.

With Debt Comes Interest

Author: Mac Slavo- March 31st, 2011
17 Comments

The latest informational video from Bankrupting America quantifies just how bad our debt situation is. http://www.bankruptingamerica.org/ As of 2011, our gross national debt is $14 trillion dollars, and by 2020, that number is set to balloon to $25 trillion. And, that’s not even counting all of the entitlement commitments over the next 25 or so years, which some have estimated to exceed $200 trillion. http://www.lewrockwell.com/rep/200-tril ... named.html

From Bankrupting America:

It’s about to get much worse. With debt comes interest – an added fee for borrowing that money.

This year we’ll pay $200 billion in interest on the debt. In just three short years we’ll pay double ($400 billion a year by 2014). In nine, quadruple ($800 billion a year by 2020). And by the time singing sensation Justin Bieber is old enough to rent a car we’ll pay almost $1 trillion on interest payments a year.

One trillion is equal to spending a dollar every second for 32,000 years, except Washington is spending it all in one.

Currently, we take in around $2.5 trillion in tax revenue. http://www.cbo.gov/ftpdocs/108xx/doc108 ... ter4.shtml By 2020, tax revenues are projected to be roughly $4.6 trillion. According to a recent overview from the Congressional Budget Office (CBO), “CBO projects that the government’s annual spending on net interest will more than triple between 2010 and 2020 in nominal terms.â€