Mike DiSabatino CPA
1 minute reading time
(266 words)
Thirteen Trillion and counting...
According to www.usdebtclock.org, the Outstanding Public Debt as of 17 Jun 2010 at 05:04:12 PM GMT is:
$13,085,794,427,785.78
The estimated population of the United States is 308,577,719, so each citizen's share of this debt is $42,406.79.
The National Debt has continued to increase an average of $4.11 billion per day since September 28, 2007!
Michael Gaetz, a Columbia Law School professor who has written extensively warning of the dangers our nation faces if we continue to bury ourselves in debt cautions:
“The Congressional Budget Office projects that in a decade, the national debt will reach $20 trillion—90% of our economic output (GDP)—with more than half owed to foreigners, many of whom we cannot count as friends. At that pace, interest on the federal debt will cost us a trillion dollars a year.”
Although any solution to the problem is likely to be a painful one, ignoring the problem isn’t going to solve it either. Potential solutions involve a combination of ways to increase tax revenue while stimulating the economy and reducing administrative costs. For example, Gaetz advocates for establishing a federal Value-Added Tax (VAT) on goods and services — as they have in Canada and European countries, eliminating the Earned Income Credit (while allowing rebates on the VAT to low-income families), reducing corporate income tax to stimulate the economy, and eliminating unnecessary IRS costs by exempting families earning less than $100,000 annually from filing a federal income tax return.
Bottom line is, on our present path, things are likely to continue to get worse if we don’t make some tough decisions and face the facts. Be preared... hold on to your CASH!
$13,085,794,427,785.78
The estimated population of the United States is 308,577,719, so each citizen's share of this debt is $42,406.79.
The National Debt has continued to increase an average of $4.11 billion per day since September 28, 2007!
Michael Gaetz, a Columbia Law School professor who has written extensively warning of the dangers our nation faces if we continue to bury ourselves in debt cautions:
“The Congressional Budget Office projects that in a decade, the national debt will reach $20 trillion—90% of our economic output (GDP)—with more than half owed to foreigners, many of whom we cannot count as friends. At that pace, interest on the federal debt will cost us a trillion dollars a year.”
Although any solution to the problem is likely to be a painful one, ignoring the problem isn’t going to solve it either. Potential solutions involve a combination of ways to increase tax revenue while stimulating the economy and reducing administrative costs. For example, Gaetz advocates for establishing a federal Value-Added Tax (VAT) on goods and services — as they have in Canada and European countries, eliminating the Earned Income Credit (while allowing rebates on the VAT to low-income families), reducing corporate income tax to stimulate the economy, and eliminating unnecessary IRS costs by exempting families earning less than $100,000 annually from filing a federal income tax return.
Bottom line is, on our present path, things are likely to continue to get worse if we don’t make some tough decisions and face the facts. Be preared... hold on to your CASH!
