February 10, 2024 Some Observations About the National Debt
I am concerned. I have put together some facts that help me understand what TRILLION means, and what the US is doing to pay off the National Debt.
How much is 100 seconds? 1 minute, 40 seconds
How much is 1000 seconds? 16.67 minutes
How much is 1 Million seconds? 12 days
How much is 1 Billion seconds? 31 years
How much is 1 Trillion seconds? 31,688 years
The US National Debt is: $34.20 TRILLION
If we paid off this debt at just $1 per day (with no interest paid), it would take 1,083,729.6 YEARS to pay it off. According to the National Library of Medicine, a “generation” is 26.9 years. It would take 40,287.35 generations to pay off the debt.
The latest records we have is 2022. The US Government received revenue from all sources: $5.03 Trillion.
2022, the US government had total expenditures of: $6.13 Trillion. This is a deficit of $1.1 Trillion, adding to the National Debt. Just for the deficit in 2020, each man, woman and child would be owing $3283.58 EXTRA, above what you are already paying.
Looking at only those in the US who are gainfully employed (I’m estimating, using those over 18 years of age) it is 77.9% of the total, or 258.3 Million people. That would mean that $3283.58 total would soar to $4,258.61 above what you are already paying for that year.
After 4 years (2020) of the Trump Presidency the National Debt was $26.9 Trillion.
After 3 years (2023) of the Biden Presidency the National Debt is $34.15 Trillion.
According to CNN POLITICS: “Net interest costs soared to $659 billion in fiscal year 2023, which ended September 30, according to the Treasury Department. That’s up $184 billion, or 39%, from the previous year and is nearly double what it was in fiscal year 2020.”
Therefore, of the $34.15 Trillion in US debt, 2/3 of a Trillion dollars is paid out each year in Interest payments on money borrowed by the US.
How is this enormous debt going to be paid off?
Increase in Federal Income Taxes upon the people of the US?
OR
Tax cuts AND Drill, Baby, Drill?