There are two facts you all fail to acknowledge. First, ALL the interest that MUST be paid provides nothing for our country. That is the price for refusing to pay for what we spent in the past! Second, to be spending more on this unless interest then on National Defense is NUTS!
Between 1980 and 2000 the American taxpayers paid $6.5 Trillion in interest on the debt. That money would have SOLVED the Social Security problem and gone a long way to also solving the Medicare funding problem. Since Bush NEVER stops adding to this debt, the interest will go UP every year and be the BIGGEST increase in Federal spending after Bush leaves office. You can ONLY cut that spending by repaying the debt! |
"Does nothing for our country". Are you saying that interest on the debt is paid to space aliens? It's being paid to someone.
Until you stop trying to dramatize your case by using the raw numbers without any sort of perspective it's hard to take you seriously. We have a $10 TRILLION economy.
If the United States generates $1 of economic activity each year, the US government spends about 20 cents. Of that 20 cents, it gets 19 cents from taxation and borrows the last cent.
I DON'T LIKE borrowing that 1 percent either. But your solution is to essentially ask me to pay the difference and I'm already paying dozens of times more in taxes than the typical person without getting anything additional back.
If the government showed it was willing to make some tough cuts so that we ALL had to tighten our belts, I could probably be persuaded. But you would simply have me pay more in taxes so that various unnamed people could suckle more from the government.
I think it's bad for our society for the government to hand out money to people that they didn't earn. So I would prefer that the government pay it out in interest than to give it to other people who didn't earn it.