Taxpayers Don’t Realize They’re Paying Billions to Service the National Debt

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Heritage Foundation:

This past spring, Netflix—the beloved online video streaming service—announced it would raise its monthly subscription fees.

 

The first price hike in June cost between $1 and $2 per month. One consumer was angry enough to file a class action lawsuit. This discontent is typical when consumers feel the impact of higher payments directly. But when costs go up and effects aren’t felt for a long time, that same sense of outrage isn’t there.

 

Consider the massive increase in interest costs on the national debt projected over the next decade. The Congressional Budget Office estimates that interest payments on the national debt will double in fewer than five years and triple before the end of the decade. Where’s the public outrage now?

 

In 2015, the United States government spent $223 billion in tax dollars just to service the national debt. This spike in debt-servicing costs will have serious and negative impacts on American families and the economy in the long run.