The amount the US government pays banks every year as interest on its national debt????

quote:

Originally posted by Saeed:
The amount the US government pays banks every year as interest on its national debt????

No, that's the amount the U.S. Government pays, total, in interest. "Depository institutions", including banks, hold about 5% of our debt. 4 times that much, 20%, is owed to governmental agencies like Social Security, with another 15% held by the Federal Reserve. Holders of savings bonds collect over 3 times (17%) as much interest as banks do. State and local governments hold about the same as banks, pension funds and mutual funds combined just about the same as the Federal Reserve.

Most of the interest paid on the National debt is paid to American agencies or investors, with a bit over 20% held by investors from outside the U.S.

I thought it was loser to 1T, but why quibble

it's our second largest expenditure, after social security (which shouldn't be included, as that isn't a BUDGET item, it's a contractual obligation) followed by the military --

Worth noting that with the debt just over $36 trillion we are paying a little under 3%. Mostly to ourselves.

quote:

Originally posted by jeffeosso:
I thought it was loser to 1T, but why quibble

it's our second largest expenditure, after social security (which shouldn't be included, as that isn't a BUDGET item, it's a contractual obligation) followed by the military --

They "borrow" money from Social Security then they have to borrow money with interest to pay the interest they owe on the money they initially borrowed from SS.

quote:

Originally posted by ANTELOPEDUNDEE:

quote:

Originally posted by jeffeosso:
I thought it was loser to 1T, but why quibble

it's our second largest expenditure, after social security (which shouldn't be included, as that isn't a BUDGET item, it's a contractual obligation) followed by the military --

They "borrow" money from Social Security then they have to borrow money with interest to pay the interest they owe on the money they initially borrowed from SS.

Remember when Al Gore proposed a "lock box" to protect Social Security from being raided?

quote:

Originally posted by Jefffive:

quote:

Originally posted by ANTELOPEDUNDEE:

quote:

Originally posted by jeffeosso:
I thought it was loser to 1T, but why quibble

it's our second largest expenditure, after social security (which shouldn't be included, as that isn't a BUDGET item, it's a contractual obligation) followed by the military --

They "borrow" money from Social Security then they have to borrow money with interest to pay the interest they owe on the money they initially borrowed from SS.

Remember when Al Gore proposed a "lock box" to protect Social Security from being raided?

It was NEVER RAIDED or stolen. It goes into the general fund, but is accounted for as belonging to the SSA. The trust fund is IOUs. When the amount being paid out exceeds the amount coming in as it is now the Gov has to pony up and pay their IOUs. When the trust fund runs dry the Gov will have paid back all that they have re-purposed!

quote:

Originally posted by Jefffive:

quote:

Originally posted by ANTELOPEDUNDEE:

quote:

Originally posted by jeffeosso:
I thought it was loser to 1T, but why quibble

it's our second largest expenditure, after social security (which shouldn't be included, as that isn't a BUDGET item, it's a contractual obligation) followed by the military --

They "borrow" money from Social Security then they have to borrow money with interest to pay the interest they owe on the money they initially borrowed from SS.

Remember when Al Gore proposed a "lock box" to protect Social Security from being raided?

remember when clinton and al gore fired 377,000 federal employees?

lemme know when trump reaches HALF of of what your other hero has done -- does trump need to fire LESS than 377k to be a weakling, or 377,001 to be a tyrant? just trying to get REASON out of you, kleagle

I have read that. The issue is the how.