Post by bjspokanimal on Apr 25, 2024 11:29:03 GMT -5
With the passage of the aid to Ukraine and Israel, none of which was paid for with
taxes or cuts in other government programs, today seemed like a good time to
share statistics on America's skyrocketing national debt.
Current debt: $34.47 Trillion
2023 Interest on the debt: $870 billion
Interest rate govt. is currently paying: 3.22%
Current interest rate on 10 year treasury: 4.7%
www.statista.com/statistics/246439/interest-expense-on-us-public-debt/
If all government debt were to mature today and re-issued at the current
rate for 10 year treasuries, the annual interest on the debt would be
$1.270 Trillion per year.
Last year, the national debt grew by $1.7 Trillion. If Biden had succeeded
with his student loan forgiveness giveaway, it would have been about $2 Trillion.
If Biden's current student loan giveaway plan ends up happening, the 2024
deficit is expected to exceed $2.2 Trillion.
Re: remedies, if government spending on social programs were to be cut by an
equal amount that taxes were to be increased on America's top 2% of earners,
how would it result in lower deficit by 2028 using "dynamic" modeling. Answer,
89% of the reduction would be a result of the lower spending and 11% would be
a result of the tax increases. Standard deviation of the estimate would be
+- 4.5%.
taxes or cuts in other government programs, today seemed like a good time to
share statistics on America's skyrocketing national debt.
Current debt: $34.47 Trillion
2023 Interest on the debt: $870 billion
Interest rate govt. is currently paying: 3.22%
Current interest rate on 10 year treasury: 4.7%
www.statista.com/statistics/246439/interest-expense-on-us-public-debt/
If all government debt were to mature today and re-issued at the current
rate for 10 year treasuries, the annual interest on the debt would be
$1.270 Trillion per year.
Last year, the national debt grew by $1.7 Trillion. If Biden had succeeded
with his student loan forgiveness giveaway, it would have been about $2 Trillion.
If Biden's current student loan giveaway plan ends up happening, the 2024
deficit is expected to exceed $2.2 Trillion.
Re: remedies, if government spending on social programs were to be cut by an
equal amount that taxes were to be increased on America's top 2% of earners,
how would it result in lower deficit by 2028 using "dynamic" modeling. Answer,
89% of the reduction would be a result of the lower spending and 11% would be
a result of the tax increases. Standard deviation of the estimate would be
+- 4.5%.
