An Old Guy Looks at Debt
100% You may have noticed recently that the US has managed to grow our national debt to 38.9 TRILLION dollars. So what, you may ask. Well, for the first time in over 80 years our debt is greater than our annual GDP. Yup, not since WWII have we managed to do that. Again, you may ask so what. Well, for one thing our annual interest payment is now over one trillion dollars per year (and unlike your mortgage payment there ain’t no principle in there.) Well, how did that happen? You tell me. Social Security costs 1.5 trillion per year (yeah, I know, there’s allegedly a trust fund somewhere that you paid into but that it is just an accounting trick now.) Medicare, another “fund” you paid into, costs 1.1 Trillion per year. (Your contributions are peanuts in relation to our pitiful healthcare system.) Medicaid? Another 600 billion. Don’t forget that our Dept of Defense , er, War also costs one trillion per year – and if our cracker jack administration gets their way it will go to...