The $11 trillion national debt trickle-up effect
We have all heard the news that the national debt now stands at $11 trillion . Eleven trillion dollars is such a large number that it is difficult to grasp. The national debt is the amount owed by the government, which is really every citizen of the United States of America: you and me our children and grandchildren. If we spread this throughout the population of 300 million people, it would mean that each and every one of us would receive a tax bill of $36,666.67 to pay this debt.
Since the money will be borrowed to pay this debt, the $11 trillion debt will increase to cover the interest. Assuming a prime interest rate of 5% per year over one decade, $11 trillion would grow to about $18 trillion, so each and every one of us would pay $60,000; which is $6,000 per year for 10 years, to pay this debt with interest. Over two decades, $11 trillion would grow to about $29 trillion, with a tax bill of $96,666.67; which is $4833.33 per person, per year for 20 years. This is the $11 trillion national debt trickle-up effect.
Assuming a 100 million tax paying workforce, multiply the above dollar cost per person by a factor of 3 to obtain cost per taxpayer for 10 & 20 years.
Bill Momeno
St. Charles
If Bob has an 8′ wall and a 6′4″ ladder at a 65-degree angle, and is on a boat, crossing the international dateline, BUT is an hour and a half ahead of schedule… I think I’m gonna need a co-signer for this.
Yup, it’s bad, real bad. That $11t is really $100t if you count Medicare, SS and such. Probably lots of people will die, but we’ll blame global warming (or global cooling) or crop failures, or greedy businesses that flee to friendlier lands; anything but the bloated government beast will be blamed.
Egoist–
Maybe by someone else but not by YOU YOU understand exactly what to do to bring the country out of the financial problems it has. YOU should get to Washington quick. I’m sure all you have to do is explain your plan to the government and they will adopt in IMMEDIATELY.
HKCHAS – What’s broken is not fundamentally in Washington; it’s out here in the culture. We are in this mess b/c it’s universally accepted that somebody else should carry our water. Altruism is driving this. Until and unless that morality is displaced, there’s no hope of turning it around at the political level.
My solution, that you sarcastically jab me over, has been decades of trying to convince people not to allow expansion of the welfare and to resist becoming part of it. I continue to do just that, but now so many people are tangled up in it – Medicare in particular – that there is nothing I can imagine doing to “fix” it. It can’t possibly be funded to support its load, and now there’s nowhere for the aged to turn. Welfare will likely cause lots of suffering and early death. People ought to resist becoming dependant upon it.
One hopeful sign that the spending could be choked off is the loss of investor confidence (China, Japan…). If our credit card is denied, we’re down from 3 options (barrow, print, cut spending) to 2 options (print, cut spending).
Oh hell folks, to most politicians it’s only monopoly money anyway. All they do when they want more is find different ways of taxing us. The pity of it is that so many voters are too stupid to figure that out. They keep us busy on these boards with all the distractions while they mortgage the future of generations to come. What sickens me most is all the excuses of why thats ok.
Well…$9 trillion of the $11 trillion was handed to us by Reagan/Bush II.
Besides, it was Cheney who said..”Deficits don’t matter”.
Didn’t hear of any “Tea Parties” during the prime years.
Looks like Chavez was correct in his statement, that he was to the right of Obama “The Messiah”. Wanting the authority to SEIZE more companies.
http://www.latimes.com/business/la-fi-financial-regs16-2009jun16,0,4262249.story
SOCIALISM/FACISM here we come.
You know the world is forked when you have Garrison now agreeing with something Cheney said.
Keep spending. What’s a trillion here and a trillion there? I have always wanted to know what it’s like living in a bankrupt country.
Amazedbythelunacy
Miss Garrison did not get the approval for that statement from his union thug buddies. Hw will probably get black listed for a month or two.
http://www.washingtonpost.com/wp-dyn/content/graphic/2009/03/21/GR2009032100104.html