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We are not "growing our way out of debt". Every tax payer is paying a considerable burden EACH YEAR on this debt, which exceeds any tax break given out by Bush.
7 Trillion and climbing at a rate of close to 1/2 trillion per year. At the end of another 4 years of Bush....total debt could be 10 Trillion or more. With interest rates climbing up another 2 to 3 per cent over that timespan, we're looking at interest payments on the debt of perhaps 400 Billion or more per year. Can you imagine that? Interest payments actually exceeding our defense budget?
Remember 1997???? This was the turning point in getting a handle on our national debt under Clinton/Gore. I looked up total outlays on EVERY tax dollar was 15% on the national debt....the interest on the debt that year was a total of 244 Billion, an astonishing amount. But after 1997, the effect of Clinton/Gore balanced budget initiatives, upper eschelon tax increases, tax on gas, etc, plus better economy led to successively LOWER interest payments. The behemoth debt was brought under control. During that period, I calculated my family paid over $20,000 towards INTEREST payments on the national debt.
The average person doesn't understand that interest on the debt must be paid every year by EACH AND EVERY TAX PAYER. Assume you pay $10,000 per year in taxes, a 10% interest on the debt payment means YOU AND YOUR FAMILY HAVE JUST WASTED $1,000 FOR NOTHING ON INTEREST PAYMENTS ON THE NATIONAL DEBT. Put this into perspective when you get a $600 tax break from W.
After Clinton/Gore balanced budget initiatives...we reduced the yearly deficit and got to a point where THERE WERE NO ANNUAL INTEREST PAYMENTS ON THE DEBT. Now we're on a road once again going UP in interest payments....back to the 15% or more by the time we get to the 10 Trillion range (possibly 10% this coming year or more, but successively increasing with each year, and more if interest rates continue to go up). Some predictions actually calculate interest payments on the debt could be as high as 25 cents on the dollar after another 4 years of Bush!!!!
THESE INTEREST PAYMENTS IN COMBINATION WITH YEARLY DEFICITS WILL FURTHER STRAIN THE YEARLY BUDGET, COMPROMISE NEEDED PROGRAMS, AND WEAKEN OUR NATIONAL SECURITY.
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