If things stay the same, Americans will be paying 40% of our tax dollars on interest by the middle of this century.
>> PITCH IN $25 TO RESTORE COMMON SENSE IN AMERICA << ([link removed] )
Hi Friend,
You and I probably disagree on some of the government’s budget items, and that’s okay. But here’s an idea we can all get behind: servicing the national debt shouldn’t be our country’s biggest expense. Unfortunately, that’ll soon be the case if Washington doesn’t get its finances in order.
It all comes down to interest rates. When you pay your credit card bill or mortgage, you pay the amount you borrowed plus a little extra in interest. But the United States government borrows a lot of money, so the interest racks up – to the tune of $400 billion in interest payments in 2022 alone.
$400 billion is more than what Washington spends on food and nutrition, housing, higher education, science, space, and technology combined. If this keeps up, Americans will be paying 40% of our tax dollars on interest by the middle of this century.
This is why one of the key ideas in No Labels’ Common Sense is that the government must stop spending so much more money than it takes in. The policy booklet contains two steps to getting there:
- A deficit reduction commission, which would require Democrats and Republicans to develop a plan that puts everything on the table—from what and how we spend to what and how we tax.
- Restoring the economic growth we saw in the 20th century, which could create trillions in additional tax revenue and make every budget problem we have easier to solve.
You can read our plan at CommonsenseMajority.org ([link removed] ) , and be sure to check out this primer on how much debt ([link removed] ) the major party candidates have racked up. If you can pitch in $25 or $50 today to help us grow our movement to restore Common Sense to America ([link removed] ) .
Join us, and together let’s return fiscal responsibility to Washington – for our future’s sake.
Thanks,
Ryan Clancy
Chief Strategist
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