34 Trillion and counting

[sqwakvfr]

I just read an article from one of the financial rags that the US Debt just passed 34 Trillion Dollars(I can't even count how many zeros that is).  So I did some reaseach and the average interest rate on this debt is between 3 and 4 percent.  I am a numbers guy and still cannot imagine how much the interest would be.  My guess is the interest alone is close to 1 Trillion dollars per year. Also, the latest US GDP is under 30 Trillion dollars.  In essence the US Government violates just about every guidance about financial responsibility. It has more debt and spends way more than it takes in. 

 

I am 60 so by the time I kick the bucket the truly painful consequences of this incredible debt might not have started yet.  At least I hope not.  This a problem that was created by both Repbulican and Democratic administrations. So the blame is shared by all. 

 

Will the US Dollar everntully become like Monolpoly money?  Or will it take barrels of dollars just to by bread?  Just wondering because I got the smallest refund from lmy latest US Federal tax return.  I paid almsot 14% in federal income taxes based upon my AGI and I only spend 1 month back in the US. I am certainly not a "high income" earner and consider myself to be in the bottom of the middle class.

 

Or is this something most do not care about? 

[Cryingdick]

Servicing the interest on the debt has surpassed our military budget. 

[swissie]

On 6/1/2024 at 6:20 AM, sqwakvfr said:

I just read an article from one of the financial rags that the US Debt just passed 34 Trillion Dollars(I can't even count how many zeros that is).  So I did some reaseach and the average interest rate on this debt is between 3 and 4 percent.  I am a numbers guy and still cannot imagine how much the interest would be.  My guess is the interest alone is close to 1 Trillion dollars per year. Also, the latest US GDP is under 30 Trillion dollars.  In essence the US Government violates just about every guidance about financial responsibility. It has more debt and spends way more than it takes in. 

 

I am 60 so by the time I kick the bucket the truly painful consequences of this incredible debt might not have started yet.  At least I hope not.  This a problem that was created by both Repbulican and Democratic administrations. So the blame is shared by all. 

 

Will the US Dollar everntully become like Monolpoly money?  Or will it take barrels of dollars just to by bread?  Just wondering because I got the smallest refund from lmy latest US Federal tax return.  I paid almsot 14% in federal income taxes based upon my AGI and I only spend 1 month back in the US. I am certainly not a "high income" earner and consider myself to be in the bottom of the middle class.

 

Or is this something most do not care about? 

HeHe! You may want to read a thread in "Property & Finance", Jobs Economy Banking etc.

= Us, the financial drug addicts. Good reading, because I wrote it.