Resistance Begins at Ohm!

Saturday, February 14, 2009

How big is the national debt

Bigger than the gross domestic product of the entire world!
Your share? $216,666.00 not counting the stimulus bill, TARP II or the federal reserve loans which are also close to a $trillion.

Assumptions: 300,000,000 US citizens, $65,000,000,000,000 of debt including entitlements that have been paid for and earned, but not paid out.

This article explains pretty clearly (IMNSHO) just exactly what the United States owes, and just how bad it is getting.

The national debt today:

I've heard about the national debt my whole life, what is the big deal? The US has had a debt every year since it borrowed money to pay for the revolutionary war. The debt made some pretty big jumps along the way to fund things like wars and the last depression/recovery. Remember, the debt we are talking about here does not include any future payments for social security, medicare or other federal retirement benefits. Between 1980 (around the time the national debt crossed the landmark $1 trillion level) and 1990, the debt more than tripled. Fifteen years later in 2005, it was 8.7 times the 1980 total at a bit less than 8 trillion. Since 2005, it has increased another 2.8 trillion or 11.5 times the total debt in 1980.

These numbers don't look anything like $216,666 per person to me, so why should I be concerned? Again, the national debt reported by the Congressional Budget Office does not include the future liabilities for social security, medicare, government guarantees and other federal retirement programs for veterans and civilian employees. Yet, the money collected for these programs is used directly to pay for expenses in the same year they are collected (stolen) from you.

Aren't entitlements just money that the government gives away to people? I mean, if we don't have the money, we just won't give it away, right? No, most of the entitlements the government owes are the ones that its citizens have already paid for through payroll taxes for social security and medicare. In other words, the government has already collected the money from its citizens and owes it back to the very same citizens, by law.

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