On the recordSeptember 23, 1997
That is exactly right, and that is exactly what we are doing out here with one slight difference. Out here we are adding to that amount every year. Since 1969, this number has gotten bigger and bigger and bigger. So if we put this in perspective for the families out there who own a home, it is not only like they are just making the interest payment and not making any principal payment on that mortgage, it is like they are paying the interest but adding to the mortgage amount every year. So if you bought a house and you borrowed $80,000 to buy that house, it is like we are paying the interest on the $80,000, but we are adding $4,000 to it next year; so you are at $84,000 at the end of the first year, and $88,000 after that, and so on. Up and up it goes. That is how we got to that $5.3 trillion in debt.
Source
govinfo.gov
