Pardon, for a moment, my Kamala Harris-level thinking skills, but $34 trillion — the size of America’s monstrous federal debt — is a big number.
An incomprehensible number.
Now, imagine if more than half a dozen of America’s richest men sold everything they owned and gave it all to Uncle Sam to pay off the debt. Would that cover it?
Nope.
Maybe reduce it by half?
Not quite. In fact, not even close.
In reality, recent analysis shows that not even the combined net worths of Elon Musk, Jeff Bezos, Mark Zuckerberg, Bill Gates, Ken Griffin, Mark Cuban, Ray Dalio, and George Soros, each of whom are worth billions, could cover a single interest payment on the U.S. federal debt.
Not a single interest payment!
If the federal government stole everything from these men, whose combined net worths hover around $726 billion, they would still fall short of funding our 2024 interest, which currently stands at $732 (although it is likely to increase), let alone chip away at the debt itself.
And here’s an encouraging thought! — projections show that interest payments on the debt are on track to nearly double, topping $1.4 trillion, in less than one decade, meaning it would take roughly seven Elon Musks to cover a single payment!
If that doesn’t highlight the severity of the federal debt, I’m not sure what will.
But of course, the burden of this prodigious debt will not, ultimately, fall on Musk or Bezos or Zuckerberg or Gates, but on everyday people like you and me.
You and me… and our grandkids.
Currently, America’s debt amounts to over $100,000 per citizen. Imagine how much higher that will be in 10, 20, 30 years from now! If not even the richest men in the world can cover the interest on that debt today, who are we to think that future generations will be able to pay it off at all? We are staking our children’s future on our own extravagant spending habits. It’s not just imprudent. It’s immoral.
We each have a responsibility to wage war on the federal debt before it bankrupts our country and our kids’ future in this country. We cannot wait for Congress or the president to do the job. We need an Article V convention.
To learn more about how an Article V convention can be used to impose fiscal restraints and crucial checks and balances on Washington, click here. To show your support for the movement, sign the Convention of States petition below!
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Shocking: Single interest payment on federal debt worth more than Elon Musk, Jeff Bezos, Mark Zuckerberg, Bill Gates, George Soros COMBINED
Published in Blog on January 18, 2024 by Jakob Fay