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I decided to estimate the interest payments on our $10 trillion national debt. Let's say our creditors are charging us 5% (which is a pretty good rate). That means that every year our national debt grows by . . .$500 billion! Just from interest!
That's $1,667 for every man woman and child in America per year (all 300 million of us)!
The recent bank bailout will add $35 billion per year to our interest payments! ($117 per person per year).
So, whoever says the national debt doesn't affect us should think twice. In 2009 about $535 billion of our hard-earned tax dollars will go towards paying down the interest on the debt (we aren't even touching the principal) instead of buying us health care, education, and green technology. All to pay for war, and corporate welfare on the installment plan . . .
When you're in a hole, stop digging.
