How bad is it? We’re talking about national debt. Have you any idea the magnitude of the problem?
It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world.” – Thomas Jefferson
In the past two months, the first quarter of the 2013 fiscal year (fiscal year begins on 1 Oct. the previous year), our federal government borrowed $4,800,000,000 per DAY! Shortform: $4.8 billion per day in a seven-day week. If Fed borrowing were limited to a five-day week, the borrowing rate amounts to $6.5 billion per day.
Just so you don’t overlook local matters, too many cities, counties and school districts have already passed that 50% mark. Have you looked lately?
How long could you last, financially speaking, if 50% of every dollar you earn goes to service debt?
Personally, I am debt-free. My business is debt-free. Both in a sense that I have no debt with my name on it. Or is that correct?
As of this morning, national debt averages out $52,000 per person or $143,000 per taxpayer. (You don’t know that few Americans actually pay taxes?).
I invite you to visualize the magnitude of our national debt via video below.