Posted in Economics

National debt crisis: what does $136 trillion look like?

You know you have a spending problem when your debt extends beyond the solar system.

Congress admits to having already spent $21.5 trillion (that’s $21,500,000,000,000.00) they don’t have. If you are a taxpayer, your share is a little over $58,000. What your senators and representatives would rather you didn’t know is that our reported debt is like an iceberg: what you see is only the tip. 90 percent of the iceberg lies under the surface.

The dirty little secret is that we are obligated to pay around $115 trillion – on top of the national debt – to programs like Social Security, Medicaid, and Medicare.

Think about all the nice things you could buy with $1 trillion. Now think about all the nice things you won’t be able to buy, because for the past few years Congress has acted like a criminal that stole your credit card. Only you can’t call the bank and lock the account; you have to watch them spend your money, sometimes insulting you while they do it.

Altogether, the U.S. federal government has run up a $136.5 trillion bill that will have to be paid, using figures from Accounting for the unfunded liabilities, every single taxpayer in America is currently on the hook for just under $1 million dollars. And that doesn’t count the $10 trillion or so of local and state debt and unfunded liabilities.

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