LETTER: One way to pay down the federal debt
In a September 15 Review-Journal column, John Stossel writes that the “federal government owns too much land.” He mentions Interior Secretary Doug Burgum, who reports that the land “may be worth as much as $200 trillion.” With the national debt heading to $38 trillion, why not sell off roughly 20 percent of the land and use the proceeds (approx. $40 trillion) to pay off the debt?
Currently, the federal government pays approximately $1.13 trillion in annual interest payments — or 14 percent of total federal spending. With a projected $1.9 trillion budget deficit for fiscal 2025, annual interest expenses would be zero if the land sale proceeds were applied to pay off the debt. This would reduce the federal deficit to $770 million.
With a few budget “haircuts” here and there, the prospects of a balanced federal budget are much closer to reality. What a novel concept.
