At what point does the National Debt become too big to handle?
According to Bill O’reilly the interest on our debt in December 09 alone was 100 billion.
According to taxpolicycenter.org our yearly tax revenue is:
In 2008 the federal government collected $2.5 trillion, an amount equal to 17.7 percent of GDP. Federal revenue has ranged from 14.4 to 20.9 percent of GDP over the past five decades, averaging 18.2 percent.
So it would seem 1/2 of our taxes go to pay the interest on the debt.
Volokh, How Do California and Greece Compare?, Kenneth Anderson , February 8, 2010 10:25 pm