America's borrowing a real problem
Aug. 16, 2014 at 11:42 a.m.
Editor, the Advocate:
The population of the U.S. is approximately 320 million.
The national debt is approximately $17 trillion. In rough figures, dividing the debt by the population, every citizen in this country owes about $53,000. But less than half the citizens pay taxes that could be applied to the debt, leaving these taxpayers owing $106,000 each.
In fantasy land, by paying $2,000 per year per taxpayer, the debt could be wiped out in a mere 53 years.
Alas, with our incessant borrowing and the attendant interest rising faster than we pay the debt down, we shall surely be paying in perpetuity.
Should China and other debtors demand payment sooner, we have another nightmare.
Are our politicians worried? Not enough of them. As long as taxpayer money is available to buy votes, all is well.
What would it take to get them talking seriously about the disaster we face? What, if anything, can be done about it?
Stan Lounsbury, Edna