From an article by Vin Suprynowicz:
If I invoke the phrase “Greek debt crisis,” do your eyelids start to grow heavy?
Do you somehow find it difficult to summon up a fresh wave of outrage if someone mentions that when Barack Obama’s National Commission on Fiscal Responsibility and Reform (better known as the Democratic Tax-Hike Justification Front) convened for its second monthly meeting last week, Congress was already 41 days past its April 15 deadline for passing a budget resolution – scared to death to admit, in an election year and the third year of the Second Great Depression, just how much new debt and spending they intend to crank up?
If these topics fired the American imagination, the most popular prime-time television shows would feature teams of CPAs wiping sweat from their brows as they raced to figure out a tricky tax return on their desktop calculators. “Go, PriceWaterhouseCoopers, go!”
So let’s try to avoid a page full of decimals and percent signs. Pardon my ballpark figures.
Go watch the federal debt clock. It shows the federal government – your congresscritter and mine – have promised to pay the folks who bought U.S. bonds $13 trillion which they don’t have. Your personal share – the amount your congresscritter and mine promised to squeeze out of you to pay off those IOUs, if you’re a taxpayer – is about $117,000. Make that $180,000 when all government debt is included.
Total United States unfunded liabilities? I believe that says $108 trillion.
With average family income at about $62,000, can you ever pay that off?