We’ve seen websites like this before, but this one is much more detailed:
I’m never sure how accurate these websites are; does anyone know where they get their information?
A few things I thought were interesting:
- The debt per citizen and government spending per citizen.
- The amount we pay in interest. Year-to-date, we’ve spent $118 billion in interest on treasury bonds, bills, etc. The year-to-date tax revenue is $1,075 billion. 11% of the tax revenues is going toward interest. As government deficits skyrocket over the next few years, the interest will dramatically increase as well. How long will it takes for interest as a percentage of tax revenue to approach 100%???
- $11.7 trillion in government bail-outs?! Again, I’m not entirely sure where the numbers are coming from, but that is insanely high and will take forever to pay off. The true cost is much, much higher after you factor in the interest expense associated with financing the bail-outs.
Last 3 posts by Eric
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That site is awesome.
Whenever I think about buying a house, the interest payments make me sick. If you pay a full 30 year loan to maturity, you really end up paying for your house twice. If you are lucky, you could refi to a 15 year loan to escape some of this.
But when I see this debt clock, I wonder how many times over we end up paying the deficit? It’s got to be several times over and we are borrowing at the lowest rates possible! I wish there was a President and Congress who had the leadership to make some tough decisions so that we could finally get solvent…