U.S. National Debt: 53-Yr High

The eye-popping $10 trillion gross national debt is owed by the "General Fund." That's the part funded by our income taxes. Half of that goes for the military and to pay interest on the debt. Fortunately, two huge parts of the budget, Social Security and Medicare, are running huge surpluses.

	Accumulated Debt/Savings	In the last # secs.
Borrowed by the General Fund	– $ #*	$ #
Income: Income taxes. Outgo: Defense 30%, Interest 19%, ...
Saved by the Social Security Trust	+ $ error	$ error
Income: FICA Payroll taxes. Outgo: Benefits and disability
Saved by other Gov. Trust Funds	+ $ #	$ error
Income: FICA & gas taxes. Outgo: Medicare, highways, etc.

Debt Held by the Public (net debt)	– $ error^†	$ error

* Gross National Debt † Debt Held by the Public Debt Clock Source Data

How Do the General and Trust Funds Get their Money?
For The General Fund: All personal and corporate income tax.
For Social Security Trust Fund: Payroll taxes on wages up to $102,000 (2008).
For Medicare: Payroll taxes on all wages. (Medicare is the big part of "other.")


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http://zfacts.com/p/461.html | 01/02/09 23:49 GMT
Modified: Thu, 18 Dec 2008 05:56:27 GMT

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