U.S. Debt in Taxpayer Terms

[dellinger63]

If only the taxpayer would spend a few moments to look at recent debt numbers. $6.2 Trillion is predicted to be the number added to the debt over the past four years, Obama’s first term. That number is so large it’s hard to comprehend but when divided by the 140 million who file taxes, it comes a bit into focus at around $44,000 per taxpayer. I doubt anyone with the exception of maybe Riot and perhaps Goldman Sachs, Solyndra, Egypt and Pakistan would say the last four years was worth the $44K of additional debt.

Understand also that at the beginning of the President’s term the total debt was just over $10 trillion or roughly $67,000 per taxpayer. Over the past four years the debt, when divided per taxpayer, has risen 61 percent or almost 15.2 percent per year.

Doing nothing and keeping at the same pace ($16.2 trillion X .61) for the next four years will add almost $10 trillion making the total debt $26.2 in 2016. Being overly optimistic and predicting and conceding 20 million additional jobs making the number 160 million in taxpayers that total debt amount will have increased to $174,000 per taxpayer. At that point each taxpayer’s share of the total debt would have gone from $67,000 to $174,000 in eight years, the Obama years.

Going out an additional four years doing nothing would make the debt $42.18 trillion and four after that it would be almost $70 trillion. Add even 40 million more workers making a 200 million total, divide it up and it’s $467,000 per taxpayer. $67K to $467K in 16 years and that is maintaining the same pace with interest rates remaining near zero. ? Increase either and the results are even more catastrophic. Does the average taxpayer possess the 67K or more importantly the $467K in 16 years?

Rest easy though Occupy Crowd, when further considering who pays taxes, those numbers grow exponentially should you be above the median income level of just over 35K/year and especially if you’re the top one percent. At current tax levels the top one percent are paying for 38% of the amount when split among 140 million taxpayers and 95% when split among all 350 million American citizens.

I can’t help but think of what our credit rating will be in a dozen years. Rather than a AAA or even A rating I fear it will resemble the bra size of a stripper with the first name Busty.