U.S. National Debt: We’re In Deep Do-do

Debt Baall and Chain

After a lengthy battle, Congress recently passed legislation to raise the debt ceiling so the country could pay its bills. The U.S. National Debt now stands at a whopping $17.25 trillion dollars and counting.

Outflow exceeds income

What’s your share of this rather large tab? As of today, it’s $54,399 per citizen for each of the 317 million US citizens, and over $150,000 per taxpayer for the 114,921,129 taxpayers on the IRS books.

But wait…That’s just the US National Debt. If you factor in Total US Debt, your share jumps to $191,333 per citizen, and over $758,564 per family. No, that wasn’t a typo…

Understand interest

We throw these numbers around without putting much thought into it, but let me bring it into focus. In 2000, the US National Debt stood at $5.6 trillion. Today, it’s over $17 trillion. In just 13 years, we’ve tripled the amount of debt the country racked up in our first 200 plus years of existence. And before you start blaming Republicans or Democrats for this mess, let’s just admit there’s enough blame to go around for everyone.

No one wants to address the problem, so we end up kicking the can down the road for future generations to worry about. Personally, I think those days are coming to an end. When would NOW be a good time to address this mess?

Thomas jefferson quote

We’ve not only managed to mortgage our children’s future, but their kids as well…our grandkids. They’re screwed, no matter how you want to look at it. Forget social security. For them, it will be more like social insecurity.

If you want to get a rather scary picture why our country is in such deep do-do financially, just take a look at the mind boggling numbers at www.USDebtClock.org and fasten your seat belts. Oh, and have a water bottle handy, because you’ll need it to cool the numbers off as they fly by.

When you stare at that screen, in a matter of seconds and you come to the realization of two things…1) The current path we’re on is unsustainable and 2) you’ll get really pissed off that our financial house is in such pathetic shape for the most prosperous country on the planet.

US Debt Clock

CLICK HERE to see the US Debt Clock in real time.

That’s scary enough, but let’s take an even deeper look. What does a trillion dollars even look like? They say a picture is worth 1,000 words. Maybe this will help drive home just how big one trillion dollars is and put it in perspective.

US 1000 Dollar Bill

What Does A Trillion Dollars Look Like?

Take a $1,000 bill. (Not a $100 bill, but a $1,000 bill) They were last printed in 1934 with President Cleveland’s mug on the front. Lay one down and you’ve got $1,000. If that stack were 4 inches high, you would have $1 million dollars. When that stack reached 358 feet in the air, you would be a billionaire. How high would that stack need to be for $1 trillion dollars? How about a stack of $1,000 bills stretching 67.9 miles in the air? That’s $1 trillion dollars. Pretty scary huh?

What Does 17 Trillion Dollars Look Like?

Well, you ain’t seen nothing yet. The fun is just beginning. Now that you have a pretty good feel for what $1 trillion dollars looks like, let’s tackle the US National Debt of $17 trillion. What on earth does $17 trillion dollars look like? I’m glad you asked. Watch this video below.

Now, we’re not done. It gets worse. Just keep reading…

There is a little known fact that doesn’t appear anywhere on any balance sheet of the Federal Government. The $17 trillion dollar national debt is just the tip of the iceberg. In reality, the reported budget deficit of $17 trillion is less than one-fifth of the more accurate figure.

The actual liabilities of the federal government—including the promises we’ve already made with respect to Social Security, Medicare, and federal employees’ future retirement benefits—already exceed $86.8 trillion. Add that to the $17 trillion US National Debt, and we’re looking at over $100 trillion dollars in debt.

US Debt Iceberg

Why haven’t Americans heard about the titanic $86.8 trillion liability from these programs? One reason: The actual figures do not appear in black and white on any balance sheet of the US Government.

Don’t you wish you could manage your checkbook the way the government does?

If reading this has your panties in a bunch, like it does mine, do me a favor and forward this on to your friends.