9/25 INTA lecture

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+- Yearly deficit = $1.08T
+- National Debt is up $4.15T from last year, at $26.7T
+    - $81K ($69K last year) per citizen or $215K ($184K last year) per
+      taxpayer
+    - By 2023, interest payments will exceed national defense
+    - WOW!
+    - Covid and CARES make it 137% (was 107%) of GDP.
+        - Last seen in 1946, after WWII, at 119%. Recession
+
+Scaled to a person:
+- Personal income: $48,860 gross -> $37,100 net -> $3092 net/month
+- Personal spending: $3992 net/month
+- Personal debt: $10,800 yearly
+- But outstanding balance on card: $267,850
+    @ 2.3% debt rate
+        - Minimum payment = $2503/mo (10yr payoff) leaving only $589
+          disposable/month.
+        - Interest only = $517/mo
+        - Doesn't account for changing (rising) interest rates, new debt
+    - Experts predict greater than 30 or 40 years.
+- How to pay off debt
+    - Raise revenues: no politician will raise taxes
+    - Lower spending: reduce "wasteful spending."
+
+Pork Barrel Politics
+- Citizens Against Government Waste tracks
+    - Targeted policies for regional/special constituents
+    - "Big Pork Book"
+- 10,106 projects @ $19.6B for fiscal year 2009
+- 232 projects (42.3% increase) @ $14.7B (116.2% increase) for fiscal
+  year 2018
+Record years
+    - 2006: $29B
+    - 2005: 13,997 projects
+- Wasteful or Necessary? Examples:
+    - Augusta University First Tee Program: $300M
+    - North Pole, Alaska: $2.2B for tourist infrastructure projects
+    - National Wild Turkey Federation
+- Only .003% of spending, so it wouldn't change a thing.
+
+- MASSIVE cuts or MASSIVE taxes are necessary