BERRIEN
COUNTY DEMOCRATIC PARTY
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NATIONAL DEBT ON THE RISE Government straining resources just to make interest payments (thanks, Repugs...)
Like a ticking time bomb, the national debt is an explosion waiting to happen. The debt expands by $1.4 billion every day - that's $1,000,000.00 (one million dollars) every minute.
This equates to $30,000 in debt for every man, woman and child in this country. We are headed for economic misery because the government is straining resources to make interest payments on the national debt - which stands at a staggering $9.13 trillion and is growing.
And, just like homeowners who took out adjustable rate mortgages, the government faces the prospect of seeing this debt, now at relatively low interest rates, rolling over to higher rates which will exacerbate the debt.
As long as "somebody" is willing to keep loaning the Bu$h administration all this money, it is basically "out of sight, out of mind." But the interest payments keep compounding and could force us to 1) raise taxes just to meet the interest payments (not actually pay down our debt) and/or 2) cut programs such as Social Security.
Who's loaning us all this money? Forty-four percent (44%), about $2.24 trillion, of all publicly held U.S. debt is by foreign governments:
Japan is first with $586 billion followed by China with over $400 billion and England with over $244 billion. Saudi Arabia and other oil-exporting nations account for $123 billion, according to the U.S. Treasury.
Not long ago, it looked like the national debt would be paid off, thanks to President Bill Clinton. The bipartisan Congressional Budget Office projected a SURPLUS of $5.6 trillion over ten years and calculated the national debt would be paid off between 2006 and 2011.
This is what the Republican administration did to our country. Let's get
our fiscal house in order.
Click here to see the daily calculations of our debt to the penny and who holds it.
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