Spring Break
You owe America $174,342
Ian Bezeck
Issue date: 8/26/08 Section: Opinion
This presidential election has seen candidates sparring on many different issues, but the national debt has not been one of them.
To raise awareness about this important issue, several high-ranking government officials created a disturbing documentary, called "I.O.U.S.A." to raise awareness.
While the national debt is not a particularly interesting topic, this movie, like "An Inconvenient Truth," is important to watch.
It's easy to think the national debt is irrelevant to our lives, but this movie argues otherwise. For instance, if you divide the national debt of $9 trillion equally, every American -- including you -- owes a $31,600 share of the national debt. If the government taxed you $31,600 to pay the debt, suddenly the problem is easier to see -- $31,600 isn't pocket change.
The situation is much worse than that, however. The federal government has large liabilities into the future in the form of Social Security, Medicare and Medicaid.
Due to the rapid aging of our population, we will have more and more retirees living off Social Security and depending on government health care.
However, the government has set aside virtually nothing to fund these programs. Once you add in all the future spending on these entitlement programs that has been promised to seniors, you get a much worse deficit figure: $53 trillion.
To give you perspective, we can take a look at the overall size of the American economy. Our economy produces roughly $13 trillion worth of products and services, this includes everything from airplanes we sell to a plumber fixing your sink.
Our debt exceeds four entire years of American economic output - this is no small problem. Your share of the true national debt including future obligations of the government is $174,342. Suddenly that college debt seems like small potatoes.
A lot of people don't view this as a problem because they think the debt never needs to be repaid. If we can keep borrowing in perpetuity, the debt is a non-issue.
To raise awareness about this important issue, several high-ranking government officials created a disturbing documentary, called "I.O.U.S.A." to raise awareness.
While the national debt is not a particularly interesting topic, this movie, like "An Inconvenient Truth," is important to watch.
It's easy to think the national debt is irrelevant to our lives, but this movie argues otherwise. For instance, if you divide the national debt of $9 trillion equally, every American -- including you -- owes a $31,600 share of the national debt. If the government taxed you $31,600 to pay the debt, suddenly the problem is easier to see -- $31,600 isn't pocket change.
The situation is much worse than that, however. The federal government has large liabilities into the future in the form of Social Security, Medicare and Medicaid.
Due to the rapid aging of our population, we will have more and more retirees living off Social Security and depending on government health care.
However, the government has set aside virtually nothing to fund these programs. Once you add in all the future spending on these entitlement programs that has been promised to seniors, you get a much worse deficit figure: $53 trillion.
To give you perspective, we can take a look at the overall size of the American economy. Our economy produces roughly $13 trillion worth of products and services, this includes everything from airplanes we sell to a plumber fixing your sink.
Our debt exceeds four entire years of American economic output - this is no small problem. Your share of the true national debt including future obligations of the government is $174,342. Suddenly that college debt seems like small potatoes.
A lot of people don't view this as a problem because they think the debt never needs to be repaid. If we can keep borrowing in perpetuity, the debt is a non-issue.
Viewing Comments 1 - 6 of 9
Craig Hawley
posted 8/26/08 @ 7:48 PM MST
174,342 dollars. I ain't paying and you can't make me. LOL!
Seriously the national debt is huge problem
We are giving away America wealth to buy oil from our enemies , and borrowing the money to do it from China. (Continued…)
Bdygard
Craig Hawley
posted 8/27/08 @ 3:48 PM MST
Good point Concerned citizen. I would love to see the candidates ( all of then ) be limited in what they can spend. Of course McCain is limiting his expenditure by accepting matching public funds. (Continued…)
rebel1426
posted 8/28/08 @ 9:55 AM MST
You miss the real problem with the budget. The budgetary checks and balances of the constitution are not currently in use. The Presidents budgetary control has been bypassed by the courts, and the way budget bills are passed. (Continued…)
Bdygard
Craig Hawley
posted 8/28/08 @ 10:09 AM MST
Good point Rebel. Mccain is your man then. He is one of the only people in the Senate with no Pork Barrel projects.
Caig Hawley
posted 8/28/08 @ 3:22 PM MST
I don't really think at this point in time that America is ready for a black president. Chocolate-faced? What kind of childish remark is that? How old are you anyway?
Obama and his people would demand that reparations be paid for slavery and we just can't have that. (Continued…)
Chocolate-Faced Obama?
posted 8/28/08 @ 5:35 PM MST
WTF??
You racist moron!!!!
CRAIG HAWLEY!!!!!
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