Reality Time!!!
Of late, I have been discussing and warning my readers about our '$17T’ debt and how long it would take to pay off. It’s actually around $100T given the massive unfunded mandates, but I keep my argument simple at the $17T number so even liberals can understand it.
As a reminder, (click for details) I have talked about paying it down by $100M a day without factoring in the interest and that it would take 468 years to pay it off at that rate, (by the way, at $1B a day, that would ONLY be 46.8 years). And again, those numbers are real math without the interest factored in. However, now for some reality!
There IS interest, a lot of it…$417B a year currently!! Click for details.
That’s almost another half a Trillion a year over and above the average of $9.5B that we’re spending every day. Click for details.
In 2012 alone the US Gov’t spent $3.6T; however they only took in $2.5T, which means they spent over $1T more than the total revenues; which is a sight better than the $1.5T over-spent in 2009.
You might want to know how we can pay this off..? Very simple, (tongue in cheek)…all we need to do is pay $1.14B a day just to cover the interest and at least another half Billion a day on the principal which would be $182.5B towards that principle balance. It will still take decades; but if it doesn’t scare the snot out of you that we would only be paying down the principal an amount equal to less than half of the current annual interest, you may be in a coma.