Washington will soon raise our National Debt Limit.
The news networks have been busy with predictions on what will occur if the debt limit is not raised and how it will affect the citizens of the United States. I prefer not to get into this debate I prefer to look at what the debt means to you and ask when will the expansion of government spending stop?
It is almost impossible for most Americans to relate to a billion of anything, much less a $14.5 trillion dollar debt.
National Debt facts with references
- Nation Debt-$14.3 trillion http://brillig.com/debt_clock/
- US population-311 million http://brillig.com/debt_clock/
- As of 2010 there was about 141 million taxpayers in the United States http://www.irs.gov/pub/irs-soi/10db02nr.xls
Now the math $14.5 trillion divided by 311 million is about $46,000 per person $14.5 trillion divided by 141 million is about $108,000 per taxpayer
Due to unearned income tax credits and other credits about 47% of taxpayers actually received a complete tax refund or was paid more than was withheld.
$14.5 trillion divided by 75 million actual paying taxpayers is about $194,000 If each paying taxpayer took out a mortgage to pay the national debt
a. $194,000 debt
b. Over thirty years
c. At 5% interest
d. The payment would be about $1,042 per month.
e. After 30 years the paying taxpayer gets nothing. f. Adding another trillion to the debt will increase the amount owed per paying taxpayer by about $12,600. g. Many paying taxpayers will not live long enough to pay off the current national debt. h. If the children and grandchildren of paying taxpayers become paying taxpayers they will assume the burden of the national debt.
If you are a paying taxpayer would it not be wise to demand that the government stop increasing your debt?
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