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For the US national debt is now on the verge of a shocking milestone it is currently just under sixteen trillion dollars.
And that expected to pass that mark tomorrow.
Day of course of the DNC kicks off their big convention here in Charlotte.
Last week Republicans made a huge focus of that debt clock there is looming over the convention center.
In Tampa one of the -- they had their showed more than eight and a half billion dollars that was added to the -- just in the days -- the delegates were meeting in Tampa.
And -- the other one that show the total amount there joining us now is Stephen Moore senior economics writer for the losses -- seek a more happy Labor Day -- -- noticed.
Good Morning America by the way can you think of worst timing for the president right before is about to give his big speech that that the pet clock topples over sixteen Charlie and I mean the Republicans couldn't have scripted that much better.
-- it it say unbelievable number and you point out some really shocking realities about this in in terms of it note that in less than eight years the interests interests -- on the debt.
Will reach one trillion dollars in interest alone -- isn't number is tough to get times -- credits him.
Other way of one of the problems with talking about the national debt and one of the reasons a lot of viewers probably -- eyes glaze over when we talk about trillions of dollars.
There is saying and Washington and a trillion is the new -- yet.
And it really is true and the numbers are so -- -- I think most people.
They've become almost enough -- size to that national archery.
Just to put that in perspective a trillion dollars is a million million dollars or another way to think about it I did some calculations this -- does this for five minutes segment we're gonna do on the dot.
Just in this for five minutes the US government will borrow another five took ten million dollars up.
We're out we're on a debt collision course and the key point is the one that you just made America is the real cost of this is the interest payments and somewhere around 20192020.
Which isn't so far off.
A trillion dollars a year of our our budget will -- just to pay the interest which means we're not getting anything for right that's more than we're gonna spanned.
I'm Medicare and so security -- -- even national defense will go to pay.
The paper the interest rates and interest payments by the way that's assuming the interest rates stay as -- they are right now which may not happen.
Yeah I any jet just to go back over that point -- top -- that I think it's stunning right.
The interest that will be paying on the national debt will be bigger than our budget to defend our country.
-- -- that's an incredible and by the way the interest payments are very soon going to be.
Consuming almost every dollar that we pay in income taxes which means there'll -- no money left over to pay for.
You know national defense or Medicare or all of these other programs that are so.
Import I call it -- the debt like termites in the basement they're just slowly eroding the foundation of our fiscal health in this country and and it's a very troubling thing by the way when I came to Washington -- back in the early 1980s.
Under Ronald Reagan that was about two to three trillion and -- sixteen trillion in just 25 point six years.
Amazing and but -- both parties are responsible for this let me get that out there -- -- -- the Republicans and the Democrats created this mass and the problem is nobody sees any relief in -- And I wonder how much we'll hear about it over the course of the sixties each other than Democrats forgot how much about it but I think you know what you're I was I was -- -- in Tampa last week.
Dubbed big showcase item and that that and that Republican Convention of course was that that clock that'll I don't think the Democrats want to talk about that Democrats simply says let.
Bush bush was the one who got us in this crisis in the first place -- Steve thank you so let's -- can enjoy it as the Labor Day weekend with you get back to.
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