US National Debt of $28 Trillion Puts Each Person in American on the Hook for $85,210

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Both Democrats and Republicans in the US Congress have failed the American people by over spending and leading the US on the path to bankruptcy and disgrace. According to the Treasury Department, interest payments on the debt totaled $522.7 billion in FY2020 alone. The federal debt is over $80,000 dollars per capita, which is about 50% more than the median income in the country. Spending and services cuts, plus increased taxes, are on the horizon. Republican Mo Brooks illustrated the problem by saying, “I want the American citizenry to ask themselves, can you write a $90,000 check right now? Okay, can you do it for your family of four? That’s $360,000 Oh, wait a second. If you happen to be doing well enough to actually earn enough money to pay income taxes, then you’ve got to pay for all those who can’t. So double it –– that $720,000 is the average debt burden of each family of four in the United States of America.”

One of my earliest articles on this site was on the danger of our rapidly skyrocketing national debt. What was once perceived as, at best, a necessary evil that should be limited to whatever extent possible has, since the Vietnam War, become and immense burden of truly unimaginable proportions. How gargantuan? Well, the national debt is now $85,210 per person.

Here’s what Rep. Mo Brooks had to say, putting that $85,210 per person number in perspective:

“I want the American citizenry to ask themselves, can you write a $90,000 check right now? Okay, can you do it for your family of four? That’s $360,000 Oh, wait a second. If you happen to be doing well enough to actually earn enough money to pay income taxes, then you’ve got to pay for all those who can’t. So double it –– that $720,000 is the average debt burden of each family of four in the United States of America.”

On a similar note, according to the Peter G. Peterson Foundation:

“When you’ve got $80-some-thousand dollars per capita in federal debt, which is about 50% more than the median income in the country, there’s no way we can tax our way out of it. And there’s no way we can cut our way out of it. It’s going to have to be a combination, and that’s not a political statement,” Phillips said.

“That’s a pragmatic statement. Both parties own this. No party stands for fiscal responsibility right now and I think part of it is we don’t have term limits. We have too many people who want to serve careers in Congress, rather than show up, do the hard work, the heavy lifting and then move on. I think until we have that change, it’s going to be hard to find the critical mass willing to make the tough decisions. That’s what we need.”

Read full article here…

Additional source Just the News:  https://justthenews.com/government/congress/bipartisan-group-lawmakers-warn-about-threat-national-debt-which-now-85210

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Ed
Ed
12 days ago

Another reason that I’ll leave.

RockyMtn 1776
RockyMtn 1776
12 days ago

What happens when we can no longer pay the interest on this massive debt ? We are not far from that point now.
When the takers outnumber the producers we are finished a a great nation.
Can you imagine a nation or a group of nations attempting to repo the USA?