The U.S. Debt increases billions DAILY, therefore the amount of our “interest only” payment also increases daily. Eventually we’ll max out our credit. Then what will happen? We’ll have no more credit, yet we’ll still be paying debts that will never be paid off. That’s just plain insane. If the United States were a business, it would be considered non-viable and a bankruptcy risk, yet we borrow more every day.
They say the United Stated is the wealthiest country on Earth. If you’re talking about the one percent, then it’s true. If you’re talking about the government, then it’s false. Wealth is measured by assets versus debts. If you subtract our debts from assets, you’ll see that we’re far from the wealthiest nation on Earth. We only SEEM to be the wealthiest because almost everything the government spends is on credit which must be paid back eventually. At least the interest must be paid back.