Think About It. Your Share. If you have a chance to talk to Wade on The Morning Jam (105.9 The Bash), tell him the word for the day is “masochist”. That is a person who wants to know how much of the cost of running the government they personally owe. If you fit that definition, try to follow this. Be quick though, because it goes up faster than the eye can see.
Suppose you’re just hanging around with no job and no desire to get one, but you are a U.S. citizen (That includes newborns and shiftless school children.), you owe $61,340. Actually a taxpayer? Prepare to pay $166,773. The U.S. National Debt is $17,524,406,275,900. Say that out loud if you can. Total unfunded U.S. liabilities (That’s Medicare, Prescription Drugs (Known as Medicare Part D) and Social Security is $104,824,150,323,678. Your share is $875,812. Unfunded liabilities? I know, you thought Social Security was a separate account funded by taxpayers during their working life. It once was. Sorry, the government has borrowed that money to use for other things. Repayment is in the Federal Budget, owed, if not paid and is part of your debt shown above. Workers’ retirements were once funded with some left over for future retirees. Now, workers are facing the end of that balance in 2040. They’ll just have to pay more in if some of us older folks keep living. Sorry kids.
The numbers above from a little after 8 this AM are no long accurate. If you’re using a computer and are truly a masochist, look now.
You may have noticed that U.S. Debt held by foreign countries is $6,037,161,293,567. If you want to know how much of that debt is yours, simply divide by the 6 trillion by 325,400,318 (the number of people living in side the 50 United States. I certainly hope that China doesn’t get short of cash and want their money back instead of an IOU. See Cho Mi The Money. Of course we can keep printing money. Actually it’s only a digital accounting transfer. We don’t really use so much paper any more. Imagine the savings on printing costs.
Maybe this hasn’t been all that much fun reading, but at least now you know Your Share. Think About It.