Every day, we hear President Barack Obama and members of Congress talk about the budget, taxes and all sorts of fiscal subjects and policies. But what does it mean to each of us personally?
It’s hard to understand because we aren’t accustomed, as individuals, to dealing with millions, billions and trillions of anything, much less dollars. But our government is, and it is passing the bill on to us. So shouldn’t we be keenly aware of how high our taxes are and of the fact that big federal spending is costing us dearly today and is mortgaging our future?
Our national debt is around $14.3 trillion – and going up an average of $4 billion per day! Those figures may not register with us, because they’re just so massive.
So look at it this way: It’s estimated that the U.S. population is 310 million. That means each of us owes an approximately $46,000 share of the national debt. Of course, we also have state and local taxes to pay, as well as regular bills for food, housing, transportation and other needs. So do you like having an extra $46,000 bill hanging over your head? Aren’t you glad you don’t have to pay it off now?
Ah, but we do have to pay taxes for the interest on it – now! And eventually the full bill must be paid.