| Federal borrowing is, at its root, a transfer of money from workers to the aristocracy. |
| According to the US Treasury Department website, the interest expense for fiscal year 2014 (June2013-October 2014) was $354,863,251,628.78. Assuming a US population of around 310 million, that is over $1000 for every man, woman and child in the US. That money is paid by each worker who pays federal income tax. That money is collected by each investor who owns US Treasury bonds…or the so-called "investor class." (By the way, a substantial portion of that debt is held by foreigners.)
Statistic source: http://www.treasurydirect.gov/govt/reports/ir/ir_expense.htm |
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