At $21 trillion, the U.S. national debt is not even a number anymore. It's becoming abstract.
Most Americans don't even know it exists since the ramifications of running such a bloated-up deficit have never stopped the country from paying its obligations.
The U.S. government doesn't miss a payment, ever, but here's a snapshot of its financial situation:
The Federal deficit, which is the difference between the expenditures made by Congress and the money collected through taxes, stands at over $730B, but that's small compared to the US Federal spending, already approved by the president of over $4 trillion.
To repay it, every citizen will need to come up with $65,000; put differently, each taxpayer will need to send the Federal government a $175,000 check.
Medicare payments already cost $1.2 trillion, with social security coming in second at $1 trillion.
The debt to GDP ratio sits at 106%, which is more than most other nations on the planet.
Given the choice between loaning the Federal government money or holding a piece of burning coal, it might be a less painful notion to get burned.
I have seen some wild interest payments due by populations in my travels around the globe, but a country, which pays $2.6 trillion a year, when combining household, state level, Federal level, and businesses combined, should take a close, hard look at what has gone wrong.
On average, every family in America is $850,000 in debt, when dividing total debt by the number of families, while total savings per family stand at a "whopping" $4,345 – it's a joke.
We're at the end of the road for this experiment. The fuse is shortening.
Thomas Beck
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