What If the National Debt Were Your Debt? (Educational, Documentary)
The United States currently pays 3 percent interest on the government debt. Economics professor Antony Davies shows that this year the U.S. government owes $440 billion in interest alone. This is three times the annual operating expenses of the Iraq and Afghanistan wars.
These numbers are too big to comprehend, so economics professor Antony Davies presents the government’s fiscal situation scaled down to the level of an average household. He shows what spending on debt would look like if the government’s revenue were $50,000 instead of $2.2 trillion.
If you spent the way the government does, you might be contemplating bankruptcy. What should be done to ensure the U.S. government gets its fiscal house in order before it becomes impossible to pay the bills?