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.
- New Age of Anxiety Emerges in Tandem with Rapid Pace of Technological Change
As in the Middle Ages, a gulf is widening between the world we have known and an emerging world we do not yet understand. - The Historic Turning Point in Iran
This is an historic turning point for the entire world. - Blue Cities and States, by Taxing Wealth Creators, Risk Self-Destructing
Proposals in California and New York likely to accelerate an exodus to lower-tax jurisdictions. - Why Democrats Fear Voter ID Laws
The Democratic Party’s fear of voter ID laws raises some interesting questions. - Thanks, Sen. Ossoff
Every American who has been recently delayed at an airport should thank Georgia Sen. Jon Ossoff and his fellow Democrats.