How much debt do you carry? $500.00? $1,200.00? $20,000.00? Well before you add up all your loans (student, auto, etc.), mortgages, and credit card debts you must start with the figure of $111,414.00. Yes that is right on top of any other debts you owe you also owe $111,414.00. How? what? I...? you exclaim.
The Federal government is in debt over 16 trillion dollars. This comes to One Hundred Eleven Thousand Four Hundred Fourteen dollars ($111,414.00) fo each individual citizen in the U.S.A. That is right you will owe over $100K to the US Treasury. Oh and so will the three year old in pre-school, the homeless guy on the corner, the business owner downtown, and grandma in the nursing home. What? Why? you ask?
Well since our current administration has increased our federal debt by over 6 trillion dollars in less than 4 years we (remember we own/are the government) owe over 16 trillion dollars. We have a spending problem. Everyone I have talked to in the past several months, whether they are conservative, liberal, republican, or democrat agrees that the government has a spending problem. What they usually fail to see is that they, as individuals, are the ones that owe the debt the nation is accumulating.
When the U.S. spends more than it takes in in taxes (40+cents of every dollar) the U.S. has only one of three ways of getting the extra money. First they can print it (this causes inflation by devaluing the dollar), second they can borrow it (which they has to be paid back to whomever we have borrowed it from), or three we can raise taxes. Printing money raises the price of everything we purchase because each dollar is worth less than it previously was. Borrowing or raising taxes both results in an increase in government taxes, fees, etc. because we the people will be required to pay in the end.
If we can argue about how to get rid of the national debt, but bottom line if we do not cut, and I mean CUT, spending we will all pay more in the end or we will as a nation go bankrup
The Federal government is in debt over 16 trillion dollars. This comes to One Hundred Eleven Thousand Four Hundred Fourteen dollars ($111,414.00) fo each individual citizen in the U.S.A. That is right you will owe over $100K to the US Treasury. Oh and so will the three year old in pre-school, the homeless guy on the corner, the business owner downtown, and grandma in the nursing home. What? Why? you ask?
Well since our current administration has increased our federal debt by over 6 trillion dollars in less than 4 years we (remember we own/are the government) owe over 16 trillion dollars. We have a spending problem. Everyone I have talked to in the past several months, whether they are conservative, liberal, republican, or democrat agrees that the government has a spending problem. What they usually fail to see is that they, as individuals, are the ones that owe the debt the nation is accumulating.
When the U.S. spends more than it takes in in taxes (40+cents of every dollar) the U.S. has only one of three ways of getting the extra money. First they can print it (this causes inflation by devaluing the dollar), second they can borrow it (which they has to be paid back to whomever we have borrowed it from), or three we can raise taxes. Printing money raises the price of everything we purchase because each dollar is worth less than it previously was. Borrowing or raising taxes both results in an increase in government taxes, fees, etc. because we the people will be required to pay in the end.
If we can argue about how to get rid of the national debt, but bottom line if we do not cut, and I mean CUT, spending we will all pay more in the end or we will as a nation go bankrup
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