So Why Aren't We Paying Down The National Debt? Thoughts On The Debt Ceiling Crisis.
Kicking a can down the road...
“Don’t tell me what your priorities are. Show me where you spend your money and I’ll tell you what they are”.
- James W. Frick
As we are watching yet another round of the annual debt ceiling drama unfold, perhaps some of us are thinking - why isn’t the government considering to pay down the national debt, or at least a portion of it? It’s always a question of borrowing more, not even borrowing the same amount of money we borrowed 12 months ago.
The United States has the highest national debt in the entire world. Currently, the national debt is nearing $30 trillion dollars. The U.S. is followed by Japan, with the national debt of “only” $13 trillion. China comes in third with the national debt of approximately $10 trillion dollars.
The United States spends an unfathomable amount of cash on interest payments to service its ever-growing debt.
