- The national debt is just a few dollars below $20 trillion.
- $61,365 per living person, in case you wanted to know what your fair share is
- This does not include the over $60 trillion dollars in unfunded future social security and Medicare benefits
- Nor does it include the $8.5 trillion in federal employee retiree benefits, and various other “small” accounts payable
- Added together, minus federal assets, equals about $84 trillion
- That equals 93% of every single dollar of net worth of every single American. Every bank account, home, retirement account, car, engagement ring, etc.
- That ups each American’s share of the debt to $260,382
- That will be tough for my 1-year old to cover…and my 2-year old
- In 1959 20% of government spending went into social programs like welfare, unemployment benefits, subsidized healthcare, subsidized housing, etc.
- That number is over 60% today
- Over the same time period, defense spending has decreased as a percentage of the federal budget from 53% to 19% – the lowest total in history
- Under policies implemented over the past five years (assuming no changes to those policies, which is unlikely), the annual deficit is projected to reach over $5 trillion dollars within 20 years
- In 2013, the US Congress introduced 168 bills that would have reduced spending and 828 that would have increased spending
Sigh. Apparently our elected officials don’t read this blog and have no idea how to balance their own checkbooks.
Fear not, though, fellow Americans. No matter what the government does, you have complete control over how you handle your money. March to a different beat. Show the Washington folks what common sense and a calculator will get you: financial freedom.