It will take hundreds of Jeff Bezoses to pay off our future national debt
Every three seconds, the United States Treasury spends $10,000 more than it takes in.
The current annual federal budget deficit is $738.6 billion and growing.
The Congressional Budget Office says as a result of the Trump Tax Cut and last month’s spending bill, by next year the annual deficit will reach $1 trillion.
What does that mean?
Well, right now the accumulated national debt is at $21.1 trillion. That’s more than the value of every product and service sold in the United States over the course of a year. It’s about 180 Jeff Bezoses.
The Congressional Budget Office says in 10 years, at the current rate, the national debt will jump an estimated $33 trillion, or about 280 Jeff Bezoses.
I’m sure the nation will survive.
But our go-to political analyst Larry Sabato says it means that neither major party cares about debt anymore.
“The real impact comes in future years because given the overall debt increase generated by Republicans, no one will believe any attack by Republicans on Democrats for deficit spending. They have basically given up the issue forever.
So any of you who do still care about debt — about all you can do is make a donation to the U.S. Treasury. Or, you could persuade Jeff Bezos to hand over everything he owns, start a new company, make it all back, and do that each year for 280 years.