Just where do your tax dollars go in Washington? According to Congressional Budget Office figures for fiscal year 2010:
- Health: 24%
- Defense and Social Security: 20% each
- Safety net programs: 14%
- Interest on debt: 6%
- Everything else: 16%
The troubling figure is the smallest percentage listed above. Within 10 years, interest payments will rise to 9% (barring a reveral of course) with $1 trillion being doled out and none of it going to debt principal. Based on current tax rates, nearly half of all income tax revenue would be needed just to pay the interest on the national debt.
That’s an Unhappy New Year thought. Washington lawmakers and bureaucrats are you listening: Act now to give all a fighting chance in the future.