We have officially passed 17.5 trillion dollars in US national debt. Is our debt-denial so bad that another 500 BILLION dollar milestone goes by with hardly a peep? Every US citizen, including every baby born today, is now over 55,000 dollars in debt from Federal spending of money they don’t have. But there’s more! Since almost 2/3rds of the citizens do not pay any income taxes, that leaves a whopping 152,000 dollar tab for every taxpayer (this is 7,057.89 dollars more per household in only 5 months).
What’s more, total unfunded liability per taxpayer is now over 1,111,262 dollars. This is money the Government has promised to spend in the future. Unfunded Liabilities is Social Security, Medicaid, and other Government promises that citizens will have to payout in years to come.
If these numbers are hard to imagine, picture this scenario of a family going to a financial counselor: “We make $24,000 a year, we spend $35,000. We have $175,000 on our credit card. We are a family of 3 with 1 paycheck. We also have over 1.1 million dollars in home, auto, appliances, contracts, and other expenses we are obligated to pay.” Would a sane counselor recommend anything other than bankruptcy for this family?
Just add 8 zeros to these numbers and that’s the current state of our Federal Government. Most State’s and Local Governments aren’t doing much better.
Even if you could possibly pay off your share, how many others of our generation could?
By spending uncontrollably and leaving the bill to us, the “Greatest Generation” and the politicians they have elected are responsible for one of the greatest generational thefts in the history of the World. All previous generations left the posterity a better future, now we are just left with the tab.