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U.S. Debt Per Person: $668,000.00+

Mike

Well-known member
Not counting Local & State obligations?:

http://business.theatlantic.com/2009/05/us_debt_668621_per_household.php
 

Mike

Well-known member
So in the hopelessly optimistic best case scenario, each American household would have to pay $13,364 per year for 50 years. That is, of course, assuming that the federal government closes the deficit (fat chance), and each household does not incur additional debt (doubtful). And recall: it does not include state and local debt. According to U.S. Census Bureau data, the 2007 median household income was $50,233 -- before taxes. So you can kind of imagine how impossible even the best case scenario of $13,364 per household, per year would be anyway.

I admit this is a gross oversimplification. It does not consider inflation, which is sure to happen, and which will help a bit. But if you assume the above interest rates are real interest rates (nominal interest rate minus inflation), then this might make the 0% scenario a little more likely -- but probably not for 30 or 50 years, I hope. My scenarios also do not consider U.S. population growth, which there undoubtedly will be.

Despite its simplicity, I think this analysis shows just how dire a situation the nation's debt poses. I know there's a popular argument that we've always been in debt, so it's nothing to worry about. As these numbers continue to grow, however, I think the plausibility of that argument wanes.
 

backhoeboogie

Well-known member
This aint no step for a stepper Mike. You haven't been paying attention! The Democrats are going to borrow us out of debt.

$50K for the average household is just too much money for these folks. Nancy Pelosi should raise the tax rate so she can do more for the poor folks out in California who have to pay for those million dollar houses.
 

Mike

Well-known member
I believe if Corporate Taxes were totally eliminated, the economy would skyrocket us to a better position.

That's the only way we will overcome this deficit, IMHO.

Course, China wouldn't like it cause our homegrown products would go down in price and be competitive with theirs.................
 

hypocritexposer

Well-known member
Can anyone explain to me how the US will pay for these obligations?

The existing programs are broke, and now they are looking at starting up a new one in Universal healthcare.

Most on here are business owners.

Would it make sense for you or any other business to start up a new division without first squeezing the savings and wastage out of the existing operations to pay for a new venture?

The governments of both the US and Canada are not known to have any sort of business acumen, why would anybody think that they are capable of operating a new venture, based on their past histories?
 
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