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diff --git a/rich/19_debt b/rich/19_debt new file mode 100644 index 0000000..3defd4e --- /dev/null +++ b/rich/19_debt @@ -0,0 +1,41 @@ +- 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 |