$22 trillion. Let us repeat...$22 trillion. We know. It's just a number. It's just a number that rolls off the tongues. But we here like to simplify things. We here believe in reality.
The reality is our leaders, our politicians, our elected officials...people that we elected to preserve our future, people we elected to make sure our children and their children were taken care of have spent $22 trillion more than we have sent them through the years and it is only getting worse.
Just last week, President Trump did a 90 minute State of the Union address. Not one word was uttered about the debt and deficits. The Democrats had a rebuttal. Not one word was uttered about the debt and deficits. One politician was asked about the debt and deficits. his answer: "No one here cares!"
Well many of us do care. We know it is our debt. We know it is the economy that will eventually take the fall, while most of these politicians will be retired.
So what is the outcome of all this? It's not good. For starters, because of all this debt, the first $500 billion of our tax dollars will go towards interest on the debt next year. That's $500 billion going towards nothing.
Not going towards children, the elderly, the downtrodden, the poor or the infirm. It's not going towards the roads, bridges, streets, sewers, trains or anything these same politicians complain we need to fix every day. $500 billion goes down the toilet because of the debt they created. We bet you haven't heard that one.
How about this? Estimates are that in just a few years, we will be at $30 trillion of debt in where $1 trillion each year will be going towards interest on the debt. Feel better now? But let's simplify it even more.
Every day, approximately $3 billion is added to our debt. Every day, approximately $1.5 billion is going towards paying the interest on the debt. Yet, upon agreement on the latest budget, we heard one politician who has been in DC for 40 years say that this latest budget represents their values.
There was no mention of their values of massive debt and deficits.
We would like to put lipstick on this pig, but there is just no way to spin it any other way. We are heading for something unfathomable because the numbers are now unfathomable and it is even more unfathomable that the people we are depending on to fix this are not even pretending they care.
Wish we had better news. We just deal in reality.
Gary Kaltbaum is a registered investment advisor with more than 30 years of experience in the markets. He is owner and president of Kaltbaum Capital Management, a financial investment advisory firm headquartered in Orlando, Florida. He is a Fox News Channel Business Contributor regularly appearing on Fox News Channel and the Fox Business Network. Gary is the author of the book “The Investors Edge” and is also the host of a nationally syndicated radio show with the same title “Investors Edge” which is broadcast on numerous stations across the U.S.