Among the issues most commonly discussed are individuality, the rights of the individual, the limits of legitimate government, morality, history, economics, government policy, science, business, education, health care, energy, and man-made global warming evaluations. My posts are aimed at thinking, intelligent individuals, whose comments are very welcome.

"No matter how vast your knowledge or how modest, it is your own mind that has to acquire it." Ayn Rand

25 March 2011

Your Payment on the National Debt Interest

If you are employed, what is your share of the cost of the interest on the national debt?  The national debt is presently $14,255,760,000,000.  The interest paid in 2010 on the national debt was $413,954,825,362.17, according to the Treasury Department.  [The White House claims the interest paid in 2010 was only $196 billion on a public debt of only $9.019 trillion, but we know how creative the Obama administration is in misinforming us.]  In February 2011, the Bureau of Labor Statistics says 138,093,000 Americans were employed.  The average debt interest payment per employed American is then $2997.65.

I sure am not making enough to be able to pay about $3,000 a year of interest payments on the national debt.  Actually, I am not paying that much.  There are a few rich people covering most of my share, I am sure.  This will also be true for most readers.  But, we should be asking ourselves if we have any business spending about $3,000 per employed person just to make interest payments.  Don't you think we have a strong incentive here to greatly reduce government spending to the point we can pay down the national debt and reduce these incredibly high interest payments?

No comments: