John D. Rockefeller could have paid off the entire US federal debt in his era. Today, Jeff Bezos could only cover about 6 months of interest payments. 1/4
Our ~$30 trillion debt burdens us with >$300b in annual interest payments, which consumes ~9% of revenue, and exceeds what we invest in science, space, transportation, technology, and education COMBINED. 2/4
And just a 100 bps (1%) increase in interest rates will raise our debt service costs by over $200b annually. 3/4
As we emerge from the pandemic and set our sights on the future, it’s time we begin investing more in America’s people and possibility while reducing our payments for the past. Please share your ideas about how we should consider doing so. 4/4
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