Taxpayers spend $220B per year paying off interest on the national debt
In 2012, the U.S. will spend around $220 billion in net interest on its debt, according to the Congressional Budget Office — a figure that is expected to spiral ever higher in coming years. Erskine Bowles, a co-chair of the president's bipartisan deficit-reduction commission known as "Simpson-Bowles," has called the nation's compound interest burden one of the biggest long-term challenges facing the United States. "We'll be spending over $1 trillion a year on interest by 2020. That's $1 trillion we can't spend to educate our kids or to replace our badly worn-out infrastructure," said Bowles at a recent forum hosted by IHS Global Insight. "What makes it doubly bad is that trillion will be spent principally in Asia, because that's where our debt is." To Read More…..