America’s Debt Ceiling – A Look Inside the Numbers
April 17, 2011
There has been a lot of discussion lately about the debt ceiling. I think it is about time that we take a practical look at the numbers so that we can educate others about the real crises that faces this Nation and each and every one of us. It is so crucial that we dismiss what we’re being fed by the Mainstream media and arrive at our own factual conclusions.
This is not to say that everything the Mainstream Media spews is bogus, on the contrary, there are nuggets of truth from time to time. You just need to teach yourself how to spot them.
It is important that I make this disclaimer before we get into the real numbers: I believe that all of this Nations woes begins and ends with it’s economy. With that said, let’s start breaking down some numbers so that we can see what is really going on. I’m going to refer to the site usdebtclock.org for basic numbers.
The total US population is 311,153,500. For the purposes of this article, I’m going to breakdown the numbers based on each man, woman and child. I will also show numbers based on each taxpayer so that we have a contrast to look at.
Now I’m no expert at economics and I do not have a piece of paper on the wall, but you must understand, the Constitution and Bill of Rights were written in such a way that an ordinary citizen can read and understand the basic laws that are supposed to govern our Nation.
It is in this spirit that I encourage all ordinary citizens to eschew the notion that a college degree is necessary in order to understand what is being done to us. In fact, we pay for most of everything that is spent in this country, so, if we’re paying the freight then we should be able to understand the economy.
As of this writing, National debt is $14,290,337,900,000.00 dollars. So, for every citizen, the debt is $45,927. Now let’s look at personal debt per citizen which is above and beyond the national debt: $51,904. So far, the nut for every citizen is $97,831.00 approx. Let’s add in the interest on the debt per citizen; $11,492.00 which brings us to $109,323.00 per citizen. We’ll now head over to unfunded liabilities which consists of Social Security, Medicare, Medicaid and Prescription Drugs.
The amount of total unfunded liabilities per citizen is $364,317.00. If you back out the assets per citizen which is $249,607 that would leave a deficit of $114,710.00 per citizen. If I were 67 and collected $2,000/month, then that should actually cost me about $10,000/month to make $2,000.
The total hit for every man, woman and child in the United States is approx. $212,545.00. Let’s assume that there are 15 to 20 million illegal aliens drawing off of the taxpaying base. According to usdebtclock the number for each taxpayer is approx. $1,148,122.00. In about a month, Congress is going to vote on raising the debt ceiling by an additional 1.3 trillion. It is my belief that it will pass because Congress still has a majority of big gov’t Dems and Republicans and something had to be offered in order to get the recent, paltry budget cuts.
We now have to look at what the numbers will look like, post debt ceiling increase: $11,693.00 increase in debt per taxpayer plus interest.
Let’s just look at the average salary for every american: $48,000.00 approx. Now here is where it gets quite scary… If we were all taxed at the maximum rate of 100% of our income we would still come up short by $1,100,000.00 per taxpayer. The real scenario is this: All safety net programs would have to be ended.
All taxpayers would have to pay their full salary to Federal Income Tax and we would still owe interest on national debt and all of us would still have our personal debts and no money for a year. Not only that, but we would forfeit all that we payed in to Social Sec. Medicare and Medicaid over our entire working lives. There is no way out.
Tax day Tea Party won’t work because most of us are on W4. I’m afraid that the only course of action that remains is for millions of taxpayers to descend on Washington on one day and fire all members of Congress, the Administration and the Federal courts.