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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
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