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National Debt Interest Payments Dwarf Other Government Spending (Taxpayers spend $220B per year paying off interest on the national debt)
| National Debt Interest Payments Dwarf Other Government Spending [message #26319] |
Mon, 26 November 2012 10:44 |
CyberkNight
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Registered: July 2012
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In 2012, the U.S. will spend around $220 billion in net interest on its debt, according to the Congressional Budget Office -- a figure that is expected to spiral ever higher in coming years.
Erskine Bowles, a co-chair of the president's bipartisan deficit-reduction commission known as "Simpson-Bowles," has called the nation's compound interest burden one of the biggest long-term challenges facing the United States.
"We'll be spending over $1 trillion a year on interest by 2020. That's $1 trillion we can't spend to educate our kids or to replace our badly worn-out infrastructure," said Bowles at a recent forum hosted by IHS Global Insight. "What makes it doubly bad is that trillion will be spent principally in Asia, because that's where our debt is."
Given that most Americans' financial dealings tend to be on a much smaller scale, those multi-billion-dollar totals can be enough to make a layperson's eyes glaze over.
Full article: http://www.usnews.com/news/articles/2012/11/19/how-the-natio ns-interest-spending-stacks-up
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