- Debt per household - just under $159,000
- Debt per every man, woman and child - abut $62,500
- In other words to wipe out just the Federal government debt, every household, on average, would have to write a check for about $159,000.
- Every person, including kids and infants, would have to pony up about $62,500 to wipe out just the Federal government debt.
- A family of four would have to write a check for about a quarter of a million dollars.
- Within 10 years, on the current spending and budget path of the Federal government, the Federal government debt will increase by about 64%.
- Last year the interest on the debt was $241 billion or about $1,900 for every U.S. household.
- This is $1,900 that cannot be spent on a new car, vacations, movie tickets, dinner out, and other healthy economic activities to help grow the economy.
- This is $1,900 that cannot be spent on better schools, fixing crumbling infrastructure, or helping the less fortunate.
- Interest payments on the debt, under Federal government current spending paths, will grow 196% in the next ten years, the fastest growing component of the Federal budget.
- This growth translates to an annual interest payments of $712 billion a year in ten years, up from $241 billion in 2016.
- This $712 billion translates to a debt burden of about $5,600 a year per household.
- And this assumes that interest rates do not jump higher than expected since every percentage point above the current government projections would add another $1.5 TRILLION in debt.
- The Federal government debt hole is gigantic and getting deeper every day by the out of control spending by the Washington political class.
- Taxes diverted to pay for debt is wealth that cannot be spent by those that earned it or by government to fix what needs to be fixed in this country, it is a dead weight expense.
- You cannot come close to paying off this debt by increasing everyone’s taxes since that amount of wealth that would need to be taxed to pay off the debt simply does not exist.
- You cannot come close to paying for this debt by taxing the rich, only significant drops in government spending can help tame the debt burden.
- And the situation could get worse if interest rates go higher than expected.
Tomorrow, to add to the horror, we will discuss bad situation at the local and state government level.
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