More than three-fourths of all personal income tax collected by American citizens will get directly toward paying attention on our enormous and rapidly growing national debt.
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FAIRtax reported the sobering data on July 20, explaining,” Interest Payment on U. S. National Debt Will Shatter$ 1, 140, 000, 000, 000 This Time – Eating 76 % of All Money Income Collected”. Lawmakers from both parties continue to increase rather than stifle federal spending. We are on the verge of a massive regional economic crisis.
Economist E. J. Antoni brought focus to this big trouble, FAIRtax explained.  ,
Does Congress know that the interest rate on the federal debt was equal to 76 % of all personal income taxes collected in Jun because that is the Treasury’s main source of income and only 30 % of it is used for interest, does Congress know? Do they even treatment”? Antoni asked. However, the answer to the latter issue would seem to be no.
Antoni says the cost to service the federal debt has exploded 33 % in a single year, and]is ] set to get worse.
The Treasury anticipates it will surpass the$ 1.14 trillion levels this fiscal year, and the scholar also points out that interest on the federal loan was the government’s single biggest expense in June, far outpacing other crucial public services.
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However, as previously stated, both Republicans and Democrats in Congress spend excessive amounts of money as though there is no such thing as an end in sight. The only financial “growth” today comes from adding to the loan. It is an understatement to say this is absolutely irresponsible.
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Our Founding Fathers may be horrified. For example, George Washington, our first and greatest leader, properly warned in his Farewell Address against the formation of regional loan:
As a very important source of strength and stability, appreciate public record. Avoiding occasions of expense by cultivating peace and remembering that proper disbursements to prepare for danger often prevent many larger disbursements to repel it, as well as by refraining from doing so during times of expense by strenuous exertion in time of peace to pay off the debts that inevitable wars may have caused, and no ungenerously dumping the burden that we ourselves ought to bear on posterity.
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Our lawmakers are constantly adding to the problem that both ourselves and our humanity must endure today.
I mentioned in a post from September of last year that the national debt is unsustainable. We continue to grow even more in debt because the government just lacks the resources to spend. Yet many Congressional Republicans caved to the Democrats this year on their outrageous spending wishlist, and, as Rep. Andy Biggs (R-Ariz. ) put it,” Americans got hosed”. Our reps are jovially escorting us off the fiscal cliff.  ,
Finally, we can ballot in more financially responsible staff this November, but it could already be too late. We must act decisively and aggressively as soon as possible to reduce federal spending.
