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18 Facts on the US National Debt That Are Almost Too Hard to Believe

(Mitchell Nemeth) At around $22.5 trillion, the United States national debt sits at 106 percent of Gross Domestic Product (GDP). There is no disputing that this gigantic debt will someday become due and payable. However, there is hesitation among the political class as to what must be done to pay down and eliminate this debt.

Progressive lawmakers have largely refrained from discussing this liability, preferring to claim that the United States can continue to fund exorbitant government programs. Conservatives have unsuccessfully, on numerous occasions, attempted to limit federal outlays. With each failed attempt, conservatives instead continue to vote for spending increases. At the National Review, Michael Tanner writes,

there is no effort to prioritize or make the difficult choices of governing, there is only…more.

Each attempt to cut or reduce the growth of federal spending has been met with resistance and ferocious outrage.

If there is any takeaway from these unsuccessful attempts to reduce spending, it is that federal spending has subsidized numerous projects or programs, which have grown dependent on the federal government. There may be many good uses of federal funds, but this does not provide lawmakers with a “Get-out-of-jail-free card.” For now, lawmakers continue to spend as if they are children in a candy store with no limit on their parents’ credit card. At some point, lawmakers must address the underlying problem: federal spending.

Lawmakers are representatives for their constituents. This goes without saying, but lawmakers are unlikely to address the ever-increasing national debt until voters demand action. What remains unfathomable to many voters is how much money $22.5 trillion truly is. As Jon Miltimore has written, “the problem is that the human mind has trouble understanding a figure so huge.” Below are some facts that help put into perspective just how large is the sum of $22.5 trillion:

  1. In order to pay down our national debt you would have to combine the GDP of China, Japan, and India.
  2. The United States owes $68,400 per citizen.
  3. The United States owes $183,000 per taxpayer.
  4. The United States currently has $125 trillion (yes, trillion) in unfunded liabilities.
  5. According to the nonpartisan Congressional Budget Office (CBO), the US debt held by the public will reach 100 percent of GDP in 2028.
  6. In 2008, interest on the federal debt was $253 billion. Interest for Fiscal Year (FY) 2019 is roughly 89 percent higher.
  7. For FY 2019, interest alone on the federal debt is $479 billion. In 1979, total federal government receipts were $463 billion.
  8. In the year 2000, the federal debt was $5.67 trillion. In 2019, federal debt is 297 percent higher.
  9. At Forbes, Jim Powell writes that the old New Deal cost about $50 billion from 1933 to 1940, whereas the “future cost of old New Deal programs still in effect is reckoned at more than $50 trillion.”
  10. A recent analysis by the CBO projected that the federal budget deficit (deficit as in the difference between federal outlays and revenues) will grow to $1 trillion alone in 2020.
  11. As of December 2018, only ten countries have worse Debt-to-GDP ratios than the United States.
  12. At NPR, Danielle Kurtzleben writes that Senator Bernie Sanders’ “taxation-and-spending plans…would together add $18 trillion to the national debt over a decade.”
  13. According to the Center on Budget and Policy Priorities, roughly 24 percent of federal spending goes to Social Security, 26 percent to federal health insurance programs, 9 percent to safety net programs, and only 2 percent on transportation infrastructure.
  14. By 2025, the cost of servicing our national debt will exceed the cost of our military spending.
  15. The cost of implementing a Universal Basic Income, presidential candidate Andrew Yang’s central social program proposal, would cost $3.8 trillion per year or roughly 85 percent of current federal spending.
  16. It would take the United States 713,470 years to pay down the national debt if we paid $1 per second of the year.
  17. Modern presidents have doubled the national debt every nine years.
  18. The Federal Reserve “purchased large amounts of federal debt as part of its quantitative easing program,” thus cheapening the cost (decreasing the interest rates) of money.

Lawmakers and political pundits continue to insist that federal revenues are the real issue despite continuous growth in federal revenues. Heated rhetoric over federal tax cuts ignores the reality that federal spending increases continue to outpace federal revenue increases.

At some point, purchasers of US treasury securities may request a higher return, materializing in higher interest rates, unless lawmakers address our growing national debt. For now, it is up to voters to demand that lawmakers implement responsible policies that protect our nation’s financial security.

About The Author

Mitchell Nemeth holds a Master in the Study of Law from the University of Georgia School of Law. His work has been featured at The Arch Conservative, Merion West, and The Red & Black. Mitchell founded the Young Americans for Liberty chapter at the University of Georgia.

This article was sourced from FEE.org

found on Activist Post

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https://fee.org/articles/18-facts-on-the-us-national-debt-that-are-almost-too-hard-to-believe/

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Underworld

US coronavirus medicine will cost $ 3120

Gilead Sciences, an American biopharmaceutical company, has announced the value of its coronavirus drug. The general course of treatment for 5 days will have a price tag of $ 2,340.

Until September, remdesivir will be sold only in the United States. The cost of a full course of treatment for people with private insurance is $ 3,120, for an ampoule – $ 520. For patients with state insurance, as well as for patients from other countries, the price of the drug will be $ 2,340 per course and 390 per bottle.

Remdesivir was approved in early May for the treatment of coronavirus in the United States. Although the drug was originally developed to combat Ebola, it was not able to show visible results against this disease. But later, the drug had an effect in the treatment of SARS and MERS infections.

A large clinical study by the National Institute of Allergology and Infectious Diseases showed that the drug reduced recovery time by an average of four days, but did not affect the number of deaths.

Since the United States has a fairly large network of insurance institutions, the importance of remdesivir is not only in its benefit to the patient, but also for the healthcare system.

“Based on the example of the United States, an earlier discharge from the hospital will save her about $ 12 thousand per patient,” said Daniel O’Day, director general of Gilead Sciences.

Since receiving permission for emergency use of the drug, Gilead Sciences has transferred remdesivir to hospitals to treat patients. The last batches of donated drugs were distributed on Monday, June 29th.

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Underworld

In Germany, for almost 30 years, the authorities secretly gave orphans to pedophiles

In Germany, the University of Hildesheim published the final report on the scandalous Kentler project – a terrifying social experiment, during which for about 30 years children were given up for adoption to pedophiles, calling it molestation “socialization” and “sexual education,” Deutsche Welle writes.

In the 1960s in Germany, people in some circles viewed sex with children not as taboo, but as something progressive. One of the key figures in such thinking was Helmut Kentler, professor of psychology and pedagogy in Berlin. For a long time he was considered a seer and one of the most prominent sexologists in Germany. His books on education sold well, he was a popular expert and commentator on radio and television, and held leading positions in the Berlin center for educational research. 

The psychologist founded the theory of “emancipatory sexual education”, suggesting that children have the right to express their sexuality. Beginning in the 1970s, he conducted clinical trials in which pedophiles were allowed to adopt homeless teenage boys aged 13 to 15 for their “mutual benefit”. According to Kentler, pedophiles could become particularly loving adoptive parents.

By 1988, the professor summed up the results of the first stage of the experiments, calling it successful. He argued that sexual relations between adoptive fathers and minors are harmless and help adolescents quickly adapt to society and facilitate the process of growing up. The fact that the boys entered into adulthood with a broken psyche did not bother Kentler.

The experiments were secret, but were carried out with the full approval of the authorities of West Berlin. In his papers, the psychologist wrote that he “managed to enlist the support of responsible local authorities”: from academic institutions to state social welfare services.

For many years, the professor managed to convince the authorities of the normality of his ideas, so he was never prosecuted by the court. By the time his victims made statements, his statute of limitations had expired. The scandal flared up only in 2015; Kentler himself died in 2008.

When the full-scale investigation began, it turned out that there was a whole network in which officials from the Berlin Office for Juvenile Affairs, the city Senate and a number of educational institutions were involved. All of them “accepted, supported and defended” the experiment and its adult participants. In addition, it was possible to establish that among the adoptive fathers were, including eminent scientists from the Max Planck Institute, the Free University of Berlin and the Odenwald school, which are now suspected of pedophilia. (By the way, the Odenwald school was already the subject of litigation in 2014, when a case was launched on the corruption of minor students.) According to Marco and Sven, who became victims of the experiment, one person, The suspect in involvement in this system – the former head of the youth welfare service – is still alive. However, no investigation has yet been made.

The first report on the Kentler experiment was published in 2016 by the University of Gottingen. Researchers then stated that the Berlin Senate did not seem interested in clarifying the truth.

Berlin senator for youth and children Sandra Sheres called the results of the investigation of the University of Hildesheim “shocking and terrifying.” She openly expressed her sympathy for the victims and condemned the crimes, which she calls “simply unimaginable.” Although the statute of limitations for these crimes has expired, Sheres promised financial compensation for the suffering.

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Underworld

Largest ever CIA cyber weapon secret data leak

The reason for the largest secret data leak in the history of the CIA in 2016 was the negligence of elite personnel who focused on creating a new cyber weapon to the detriment of improving the security of computer systems. 

This is written by the American publication The Washington Post with reference to the organization’s internal report, which was written in 2017.

It is noted that the leak was discovered only a year after it occurred, after the WikiLeaks organization published a large archive called “Vault 7”. At the same time, the report says that the CIA might not have known about the leak if WikiLeaks had not released the documents. 

“If the data got to the enemy state and remained secretly with them, we would not know anything about their loss,” the report said.

The authors of the documents also wrote that the exact size of the stolen information could not be established. It probably reaches 34 terabytes, or 2.2 billion pages. It is noted that the level of security system developed by the CIA cyber division was “terribly weak”.

After an internal investigation as a result of leakage under suspicion of transferring WikiLeaks about CIA operations data was Joshua A. Schulte, a former employee of the security services. He was one of the developers of programs that the CIA uses to hack into computers of people suspected of terrorism. In March 2020, the jury could not reach a verdict in the Schulte case.

The archive “Vault 7” mentioned software developed by the special service that allows access to phones running iOS and Android, computers running Windows and smart TVs by Samsung.

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