If America was a family or a business, its present debt situation would be considered a crisis.
According to the Congressional Budget Office, the current national debt held by the public is $29 trillion. This is 98 percent of our gross domestic product. The CBO expects it to climb to almost $52 trillion by fiscal year 2035. This includes intragovernmental debt such as the Social Security Trust Fund, which we eventually must pay (118 percent of that year’s projected GDP).
Servicing debt this size will cost about $1 trillion this year. CBO estimates total payments of interest on the debt through fiscal year 2035 will be almost $14 trillion. Of that $14 trillion, over 30 percent will go to foreign bond holders. It is projected that the largest foreign recipients of American tax money for interest on our government bonds will be Japan, the United Kingdom, Communist China, and the Cayman Islands.
- Brexit and British Bankruptcy, Ten Years Later
British Independence could have triggered a turnaround, but it is hard now to see how Britain’s leaders can work their way out of the current cycle of decay. - An American Majority
Shouldn’t 80 percent Americans have their values respected by their elected officials? - The Iranian Agreement and The Trump Economic Boom
This is a huge week for President Donald J. Trump. - Real Change in National Security
The defense system must learn that being uncomfortable is better than being dead. - The End of the World War II Era
It is time for the United States to move beyond World War II and invest in the emerging style of war.