Paying OfF the National Debt
Posted by Warren Peterson on January 29, 2011
What the Federal Government needs is a good bill consolidation loan. We could pay off the Chinese and everyone else that has a piece of our collective hide and make one easy payment a month on a 30 year fixed rate mortgage. The amount we’d have to finance is increasing so fast it is hard to pick a principle amount but for calculation purposes, let’s use $14,100,000,000,000 or $14.1 trillion for short. My mortgage calculator won’t accept a number higher than eight digits but adding six zeros to the answers gets us into the billions and trillions we need. And those answers for a $14.1 trillion, 30 year, 5% mortgage is a monthly payment of just under $75.7 billion for a total cost, principle and interest, of $27,249,066,000,000. Call it $27.3 trillion but we will be debt free July 4, 2041, no fireworks, just a big mortgage burning party.
If we all chipped in, we could get this debt paid off. The Census puts our population at around 309,000,000 people. Divide that number into the $75.7 billion monthly payment, and you get about $245 a month for every man woman and child in the nation. That’s not much. I listened to the State of the Union address. We’re Americans; we can do it!