Do not be fooled. The “National Debt” is only one piece of the whole story. If you want to really know how much every citizen of this country will have to fork out in the future, ask what your “Individual Liability” is. According to the US Debt Clock, every citizen has an individual liability of approximately $344,000 each.
There has been much talk about the economy and our “National Debt” to say that there are many different figures in the public domain available from a variety of sources. It is also confused by the arithmetic of the problem as it centers only on the “National Debt”. But we all know that in real life a loan is just one aspect of the total liability. For instance, if you were to purchase a home and take on debt in the form of a mortgage, you also have to pay for all the expenses associated with the house – mello roos, property taxes, supplemental taxes, homeowners association, fire hazard insurance and other expenses for maintenance. When you purchase a brand new home, by agreement you signed with your homeowners association, you’ll also have to pay for the window blinds, the landscaping and other improvements immediately thereafter. You cannot purchase a home and expect to only pay your mortgage. You will have other bills to go along with it. Same is true with our national economy. The National Debt is only one dimension of what our outgo will be.
Some noteworthy information:
LARGEST BUDGET ITEMS (2008 - 2009)
US BAILOUTS: 11,363,674,800,000
MEDICARE/MEDICAID: 623,541,788,000
DEFENSE/WARS: 528,059,970,000
SOCIAL SECURITY: 562,931,095,000
INTEREST ON DEBT: 317,998,402,000
SUBSIDIES: 54,356,066,000
EARMARKS: 16,273,542,900
The USDEBTCLOCK.org is an informative site that compiles and publishes relevant economic data real-time. What we want to point out appears at the bottom. It is the column that says “Individual Liability”. That is the figure we all should be looking at.
VIEW USDEBTCLOCK
Disclaimer: RobertsJustice cannot guarantee the accuracy and validity of the economic information that is published real-time on USDEBTCLOCK. There were a number of publications that we have found on the web that have quoted their information. And per Quantcast the USDEBTCLOCK site receives 48,310 visits per month.
There has been much talk about the economy and our “National Debt” to say that there are many different figures in the public domain available from a variety of sources. It is also confused by the arithmetic of the problem as it centers only on the “National Debt”. But we all know that in real life a loan is just one aspect of the total liability. For instance, if you were to purchase a home and take on debt in the form of a mortgage, you also have to pay for all the expenses associated with the house – mello roos, property taxes, supplemental taxes, homeowners association, fire hazard insurance and other expenses for maintenance. When you purchase a brand new home, by agreement you signed with your homeowners association, you’ll also have to pay for the window blinds, the landscaping and other improvements immediately thereafter. You cannot purchase a home and expect to only pay your mortgage. You will have other bills to go along with it. Same is true with our national economy. The National Debt is only one dimension of what our outgo will be.
Some noteworthy information:
LARGEST BUDGET ITEMS (2008 - 2009)
US BAILOUTS: 11,363,674,800,000
MEDICARE/MEDICAID: 623,541,788,000
DEFENSE/WARS: 528,059,970,000
SOCIAL SECURITY: 562,931,095,000
INTEREST ON DEBT: 317,998,402,000
SUBSIDIES: 54,356,066,000
EARMARKS: 16,273,542,900
The USDEBTCLOCK.org is an informative site that compiles and publishes relevant economic data real-time. What we want to point out appears at the bottom. It is the column that says “Individual Liability”. That is the figure we all should be looking at.
VIEW USDEBTCLOCK
Disclaimer: RobertsJustice cannot guarantee the accuracy and validity of the economic information that is published real-time on USDEBTCLOCK. There were a number of publications that we have found on the web that have quoted their information. And per Quantcast the USDEBTCLOCK site receives 48,310 visits per month.
