The original headline for this article said these were “shocking” facts, but I’m guessing they’re not such a surprise to YAL blog readers. Here are some of my…uhh…favorites:
#5 The U.S. government spent over 454 billion dollars just on interest on the national debt during fiscal 2011.
#14 If you divide up the national debt equally among all U.S. taxpayers, each taxpayer would owe approximately $134,685.
#15 Mandatory federal spending surpassed total federal revenue for the first time ever in fiscal 2011. That was not supposed to happen until 50 years from now.
#20 U.S. households are now actually receiving more money directly from the U.S. government than they are paying to the government in taxes.
#34 The U.S. national debt is now more than 5000 times larger than it was when the Federal Reserve was created back in 1913.
See the full list here. Which facts do you find most galling?Published in