Two list of numbers that I find interesting, if you are an American, maybe you will too. Here is the first, over the last four years, the amount we pay to service the debt has almost doubled, due to increased interests rates and increasing debt.
Date Interest Payments U.S. National Debt
2023 $1.0 Trillion on $34.0 Trillion
2022 $830 Billion on $31.4 Trillion
2021 $612 Billion on $29.6 Trillion
2020 $518 Billion on $27.7 Trillion
Next, where all our taxes are going:
Government Spending Amount Paid Out of $1 Tax Dollar
🏛️ Social Security $0.22
🏥 Health $0.14
🚑 Medicare $0.14
⚔️ National Defense $0.13
💰 Income Security $0.13
📈 Net Interest $0.11
🎖️ Veterans' Benefits
& Services $0.05
🚗 Transportation $0.02
🛒 Commerce $0.02
🔍 Other $0.04
The question arises, what do we get for this increase in debt, well, in the 1920's the average spend per person in the United States by the federal government was around 200 dollars (that is in todays dollars, adjusted for inflation.) Today, with a 4 trillion plus dollar budget, that number is about 11,000 dollars per person. Think about that, the American taxpayer spends about 6 times as much paying interest on debt then the total amount of what the government took from taxpayers 100 years ago, and just to clarify, that is a dollar to dollar comparison adjusted for inflation.
