U.S. National Debt: Your Share $38,523.22


You owe $38,523.22 as of this morning as part of America’s national debt.

Not happy? Write to the president, write to Congress and be sure to ask hard questions of candidates in upcoming elections.

Please DO NOT be partisan. There are no clean hands by either of the major parties. Write your letter as an American.

U.S. National Debt in 2008 dollars

$38,523.22 is your share of the national debt. Your spouse owes that much. Your children owe that much.

Every American currently owes $38,523.22.

Taking non-working Americans out of the calculation (children, ill, retired, non-working spouses, etc.) and every working American owes $75,000.

Where did this debt come from? Years of buy now, pay later.

You and I will pay $425 billion just in interest on the debt this year.

Want or need social security? Cheap subsized pharma? Wars? Subsidized health insurance? Can you say corporate welfarism as well as welfare cadillac? We can have that if we buy now and pay later.

Our debt comes from a buy now and pay later mentality. An addiction.

So how much trouble are we really in? China wants to know if we can pay our loans back due to what it calls economic mismanagement. Tough words coming from a Communist.

Sources:

— President Bush’s FY 2008 Budget, http://www.whitehouse.gov/omb/budget/fy2008/pdf/budget/outlook.pdf

— U.S. National Debt Clock, http://www.brillig.com/debt_clock/

— U.S. Public Debt, http://en.wikipedia.org/wiki/United_States_public_debt

— MOUNTAIN OF DEBT: Rising Debt May Be Next Crisis, http://abcnews.go.com/Politics/wireStory?id=7995188

— Wen Voices Concern Over China’s U.S. Treasurys ,  http://online.wsj.com/article/SB123692233477317069.html

— Citizens for Tax Justice (CTJ), http://www.ctj.org/

— DefeatTheDebt.com, http://defeatthedebt.com/understanding-the-national-debt/how-much-do-we-owe/

The chart is taken from President Bush’s FY2008 Budget and I added the names of the presidents according to their timeline oversight of the budget and national debt.

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