America’s National Debt Bomb Subject of Billings Forum

How bad is our national debt getting right now? State Senator Tom McGillvray (R-Billings) summed it up well ahead of a big event taking place Monday night in Billings.

Sen. McGillvray: Every 100 days you're adding 1 trillion of debt. That paces out to over 3 trillion for the year- three and a half trillion. And I remember back in October, they deficit spent 500 billion- so a half a trillion in a month. And so this is totally, totally out of control. And people need to understand that is it's not just the debt that's the problem, the big problem is servicing that debt.

As McGilvray points out, the deficit has been rising at $1 trillion every one hundred days. Also, interest costs on the debt will surpass the defense and Medicare in FY 24.

Sen. McGillvray: Keep in mind that most of our debt was financed under 2%, and I know that about 75% of that debt's financed under 2%. In the next two to three years, you got about 30% of that debt, or about 13 trillion that has to be refinanced at higher rates, 4 to 5%. So add 13 more trillion at 4 to 5% plus another 5,6,7 trillion- add it on that you have to finance at those high rates. If you look at the debt clock, it is projecting out in 2028 you'll be paying 2.6 trillion of interest. That's 40% of revenue. Think of it this way. If you're making $100,000 a year, and $50,000 of your income is going to pay interest on your credit cards, you are in serious trouble.

Here's the flyer with all of the event details. For those of you who can't attend the event in person- David Knobel, the moderator of the event, will be streaming the event LIVE on his Twitch.TV stream. He will also be sharing it later on his @LCTRfan YouTube channel.