$380 billion/year interest being paid on ~$20 trillion National debt, with Revenues of only $3.4 trillion yearly

[Joseph Arabasz MD]

380x10 9th                                               yearly interest paid on national debt divided by US Revenue

_______________     =  12%

3.4x10 12th

380X10 9th                                               yearly interest paid on national debt divided by US GDP

______________      =   19%

20.4X10 12th

"Within a decade, more than $900 billion in interest payments will be due annually, easily more than on myriad other programs

the fastest increasing government expense, the cost of interest is on track to hit $390 billion next year, about 50 percent more than in 2017, according to the Congressional Budget Office

-----------------------------------------------------------------------------------------------------

"The U.S. government's total revenue is estimated to be $3.422 trillion for Fiscal Year 2019. That's the most recent forecast from the Office of Management and Budget for October 1, 2018, through September 30, 2019.

--------------------------------------------------------------------------------------------------------

"The revenue collected equals 16.3 percent of gross domestic product" - described as essentially the overall tax rate

--------------------------------------------------------------------------------------------------------

"The government's annual income only pays for ~90 percent of spending. It creates a $985 billion budget deficit." ( ~1 trillion/year )

--------------------------------------------------------------------------------

"US Revenue by Year

Here's a record of income for each fiscal year since 1960

FY 2019 - $3.422 trillion, estimated.

FY 2018 - $3.34 trillion, estimated.

FY 2017 - $3.32 trillion.

FY 2016 - $3.27 trillion.

FY 2015 - $3.25 trillion.

FY 2014 - $3.02 trillion.

FY 2013 - $2.77 trillion.

FY 2012 - $2.45 trillion.

FY 2011 - $2.30 trillion.

FY 2010 - $2.16 trillion.

FY 2009 - $2.10 trillion.

FY 2008 - $2.52 trillion.

FY 2007 - $2.57 trillion.

FY 2006 - $2.4 trillion.

FY 2005 - $2.15 trillion.

FY 2004 - $1.88 trillion.

FY 2003 - $1.72 trillion.

FY 2002 - $1.85 trillion.

FY 2001 - $1.99 trillion.

FY 2000 - $2.03 trillion.

FY 1999 - $1.82 trillion.

FY 1998 - $1.72 trillion.

FY 1997 - $1.58 trillion.

FY 1996 - $1.45 trillion.

FY 1995 - $1.35 trillion.

FY 1994 - $1.26 trillion.

FY 1993 - $1.15 trillion.

FY 1992 - $1.09 trillion.

FY 1991 - $1.05 trillion.

FY 1990 - $1.03 trillion.

FY 1989 - $991 billion.

FY 1988 - $909 billion.

FY 1987 - $854 billion.

FY 1986 - $769 billion.

FY 1985 - $734 billion.

FY 1984 - $666 billion.

FY 1983 - $601 billion.

FY 1982 - $618 billion.

FY 1981 - $599 billion.

FY 1980 - $517 billion.

FY 1979 - $463 billion.

FY 1978 - $399 billion.

FY 1977 - $356 billion.

FY 1976 - $298 billion.

FY 1975 - $279 billion.

FY 1974 - $263 billion.

FY 1973 - $231 billion.

FY 1972 - $207 billion.

FY 1971 - $187 billion.

FY 1970 - $193 billion.

FY 1969 - $187 billion.

FY 1968 - $153 billion.

FY 1967 - $149 billion.

FY 1966 - $131 billion.

FY 1965 - $117 billion.

FY 1964 - $113 billion.

FY 1963 - $107 billion.

FY 1962 - $100 billion.

FY 1961 - $94 billion.

FY 1960 - $93 billion.

FY 1789-1959 - $1.1 trillion. (Source: "Table 1.1—Summary of Receipts, Outlays, and Surpluses or Deficits (-): 1789–2018," OMB.)

Understand the Current Federal Budget

---------------------------------------------------------------------------------------------------

interest payments on the debt are estimated to total $276.2 billion this fiscal year, or 6.8% of all federal outlays. (The government projects it will pay out about $474.5 billion in interest in fiscal 2017, which ends Sept. 30. But that includes interest credited to Social Security and other government trust funds, as well as a relatively small amount of offsetting investment income.) By comparison, debt service was more than 15% of federal outlays in the mid-1990s; the share has fallen partly because lower rates have held down interest payments, but also because outlays have risen substantially up about ~30% over the last decade.

--------------------------------------------------------------------------------------

"Here’s a primer on the U.S. national debt, the debt limit and interest payments on the nation’s credit line-

As of July 31, the federal government’s total debt stands at $19.845 trillion, according to the Treasury Department’s monthly reckoning. Nearly all of it is subject to the statutory debt ceiling, which is currently set at just under $19.809 trillion. As a result, as of the end of July there was just $25 million in unused debt capacity remaining

The nation’s debt is now bigger than its gross domestic product, which was an estimated $19.23 trillion in the second quarter

--------------------------------------------------------------------------------------------

National public debts of world public debt, 2012 estimates (CIA World Factbook 2013)^[14]

country	public debt (billion USD)	% of GDP	per capita (USD)	% of world public debt
World	56,308	64%	7,936	100.0%
United States*	17,607	74%	55,630	31.3%
Japan	9,872	214%	77,577	17.5%
China	3,894	32%	2,885	6.9%
Germany	2,592	82%	31,945	4.6%
Italy	2,334	126%	37,956	4.1%
France	2,105	90%	31,915	3.7%
United Kingdom	2,064	89%	32,553	3.7%
Brazil	1,324	55%	6,588	2.4%
Spain	1,228	85%	25,931	2.2%
Canada	1,206	84%	34,902	2.1%
India	995	52%	830	1.8%
Mexico	629	35%	5,416	1.1%
South Korea	535	34%	10,919	1.0%
Turkey	489	40%	6,060	0.9%
Netherlands	488	69%	29,060	0.9%
Egypt	479	85%	5,610	0.9%
Greece	436	161%	40,486	0.8%
Poland	434	54%	11,298	0.8%
Belgium	396	100%	37,948	0.7%
Singapore	370	111%	67,843	0.7%
Taiwan	323	36%	13,860	0.6%
Argentina	323	42%	7,571	0.6%
Indonesia	311	25%	1,240	0.6%
Russia	308	12%	2,159	0.6%
Portugal	297	120%	27,531	0.5%
Thailand	292	43%	4,330	0.5%
Pakistan	283	50%	1,462	0.5%

* US data exclude debt issued by individual US states, as well as intra-governmental debt-

--------------------------------------------------------------------------------------------