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?
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