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National Debt

Congratulations, You Owe the Government $64,000!

  • July 20, 2012

    Since President Obama has taken office our Government hasracked up trillion dollar plus deficits each year. That means we must borrowover $1 trillion from countries like China to pay for our overspending. Thisyear seems to be more of the same as we close in on September 30thwhich marks the end of the Government’s fiscal year. The U.S. budget deficitgrew by nearly $60 billion in June, remaining on track to exceed $1 trillionfor the fourth straight year.

     

    Through the first nine months of the budget year, thefederal deficit totaled $904.2 billion, the Treasury Department has announced. TheCongressional Budget Office predicts the deficit for the full year, will total$1.17 trillion. That is a bit less than the $1.3 trillion deficit recorded in2011, but still greater than any deficit before Obama took office.

     

    All in all that means that the national debt hasincreased by more than $64,000 for every federal taxpayer since he has takenoffice. At the close of business on Jan. 20, 2009, according to the Treasury Department,the total debt of the federal government was $10,626,877,048,913.08. By theclose of business on July 10, 2012, that debt had climbed to$15,885,854,755,351.47—an increase of $5,258,977,706,438.39.

     

    In “Statistics of Income—2009 Individual Income TaxReturns,” which was published this year and is the Internal Revenue Service’smost recent statistical report on individual income tax data, the IRS reportedthat there were 81,890,189 tax returns filed in 2009 that reported taxableincome. If each of these 81,890,189 federal taxpayers were given responsibilityfor paying off an equal share of the new federal debt added since Obama wasinaugurated, they would each need to pay about $64,219.88.

     

    The median household income in the United States in 2009,according to the Census Bureau, was $49,777. That means the median householdwould have needed to work all of one year and then the first 106 days ofanother year and then give all of their earnings from that time period to the federalgovernment just to pay off the $64,219.88 in new federal debt per taxpayerpiled up since Obama’s inauguration.

     

    Rather than our tax dollars going to pay for current andfuture needs, more and more Americans are working to pay for bills we’veaccrued in the past. This is not a sustainable direction for our nation. It’stime for the Congress to pass a Balanced Budget Amendment to our Constitution. Untilthat Amendment is ratified by the states, Congress and the President shouldwork in concert to honor the spirit of the Balanced Budget Amendment – by balancingthe budget. Not by spending more until the spigots are turned off.


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