I think almost everyone knows the national debt is about $14.3 trillion right now.
That sounds like a lot of money, but it is hard to understand just what a burden it really is.
We have all heard that we are harnessing our children and grandchildren with the debt we have created.
Is that all the damage our out-of-control government spending is causing?
Imagine for a moment that the government could miraculously balance the budget by some combination of spending cuts and tax increases. Imagine also that the economy improved and with an already-balanced budget the federal government starts paying down the debt by $100 million a day, every day of the year.
That is very hard to imagine, isn’t it?
Imagine further that the $14.3 trillion debt is an interest-free loan. Guess how many years it would take to pay back this interest-free loan. How many future generations would be affected?
The answer is more than 390 years. If a generation is considered to be 25 years, it will take more than 15 generations to pay back this interest-free loan at the rate of $100 million a day.
Each additional $1 trillion of debt will add 27.4 years to the payback period, not considering interest.
Cut spending now. Wake up, everyone.