- The US national debt is over $31 trillion – in 2000 the national debt was $5.6 trillion -adjusted for inflation only it would be $9.2 trillion in 2022
- The annual spending deficit is over $1 trillion
- The two largest budget items are Social Security and Medicare which combined are $2.6 trillion per year
- The US spends nearly $500 billion a year on interest payments
- $7.5 trillion of our national debt is held by foreign governments.
- Combined Social Security and Medicare have about $57 trillion in unfunded liabilities – the future cost of promised benefits to Americans for which there is no current funding
None of the above amounts include the debt, spending or liabilities of the 50 states.
How much more in unfunded spending can the US afford? How much risk can it take funding its government by borrowing from other countries – some adversaries? How much do we want to spend on just interest payments, especially with rising rates?
Even given all the above, many Americans still want more from their government, many say we have the money to provide free health care coverage. With the slightest hint of managing spending, there it outrage at cutting benefits – we paid for, we earned are entitled to – NOPE‼️