While reading yesterday, I came across an article talking about how if the US had a visa card, what our national income would be, and our national out-goings. Here is the gist of it:
Q. Say America was a person, how much credit card debt would America have?
A. Let's put it this way: Spending last year was about $3.5 trillion. The deficit was $1.42 trillion, which means that revenues were about $2.1 trillion. So $2.1 trillion is equal to their annual income.
The total national debt right now is $12.3 trillion. So we owe five to six times more than we make every year. But that's not the big deal.
In addition to that, there is another $45 trillion to $50 trillion in unfunded obligations that are off the balance sheet, which I think you ought to count. Medicare is the biggest part of it by far, and Social Security is a large part, too. So in reality, we owe between 25 and 30 times what we make every year.
HOLY COW! And Obummer wants to increase the spending,when we are up to our eyeballs in national debt, and spending WAY more than comes in. What kind of idiots are running the show? We have credit cards that we use, but we pay them off in full each month. That way there's no interest accrued, and no debt considered. Owing between 25 and 30 times what we make each year, and it's only increasing. It will increase quite a bit as the baby boomers get onto medicare, and onto Social Security. This thing is going to backfire onto the country in a big way. Any person that carries this amount of debt is going into a big pit, and so is our country.
1 week ago