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The Debt An Economic Catastrophe

The Debt: An Economic Catastrophe

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Title: The Debt: An Economic Catastrophe

Essay Details:

Subject: English

Author: Gabriel J

Date: October 10, 2013

Level: University

Grade: A

Length: 3 / 857

Essay text:

Presently, thirty-five cents of every tax dollar the federal government raises is used for interest payments alone on the debt. Though there have been operating surpluses within the federal government, they have been eaten up by the debt interest payments. Few people understand the devastating effects of compound interest. The debt, at a compound rate of 10%, doubles in seven years, quadruples in fourteen years, and is eight times as much in twenty-one years. This creates great difficulty for governments to slow the debt, much less eliminate it. Our federal debt grows all by itself to the tune of approximately ninety million dollars every day...

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