I know most believe that they have their financial house in order; however, every American citizen currently owes more than $42,300.00. Not every citizen is a taxpayer so for all you taxpayers you owe $118,600.00.
Thank you federal government!
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OM, I have checked you numbers. Things are somewhat worse for some people when you consider a family of 4 and the distribution of incomes. Using a debt that is projected to reach about 150% of our GDP or about $20,000,000,000,000 each family will owe about $500,000. My estimate assumes a population of 300,000,000 with half the people paying taxes.
It is a terrible thing to obligate future generations to such a debt. How will they react to a government that encourages irrational behavior? I think that our mess will make interesting reading in the history of the rise and fall of economies.
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