The national debt is expected to hit a record high as soon as this week, crossing a major threshold of $40 trillion. Congressional correspondent Lisa Desjardins explains why that milestone is a warning sign for many economists.
The national debt is expected to hit a record high as soon as this week, crossing a major threshold of $40 trillion. Congressional correspondent Lisa Desjardins explains why that milestone is a warning sign for many economists.
Cutting just the military budget would get this paid off the fastest. The US spends almost a trillion per year on defense. Cut that in half and dedicate the other half to paying off the debt.
https://usafacts.org/answers/how-much-does-the-us-spend-on-defense/country/united-states/
I’d be interested to know if the US debt is like a mortgage — where if you pay off the principal, that 40 trillion number goes down a lot faster.
I also wonder how much debt the US is owed by other countries. Could we do some debt swaps to pay it down even faster?
Personally I’m convinced you could cut the military budget by about 75 percent over a ten year period if you got rid of use it or lose it budgets and built government owned manufacturing for certain military stuffs. There’s no reason ammo, uniforms, MREs, and maybe even light vehicles can’t be produced in house. Also in addition military needs right to repair and the ability to pay bulk market rates for things like toilet paper.