Posted on 07/20/2024 5:08:15 PM PDT by SeekAndFind
The federal government ran another big deficit in June, as the national debt inches closer to $35 trillion.
$35 trillion USD.
Trillion with a 'T.'
That's an unfathomable number. It's meaningless to most people. We simply can't comprehend a number that big.
Let's try to put the $34.9 trillion national debt into perspective.
According to the National Debt Clock, every American citizen would have to write a check for $103,565 to pay off the national debt.
Of course, a lot of people don't pay taxes. That means the taxpayer burden is much higher. Every U.S. taxpayer would have to write a check for $266,953 to wipe out the debt. And that's on top of the taxes we already pay!
To put it another way, $35 trillion is more than the total economies of China, Japan, Germany, and the UK combined.
1,000,000,000,000
It's hard to wrap your head around how big 1 trillion is, much less 35 trillion. Here are a few factoids to help you visualize just how big that number is:
Keep in mind that all of these examples only illustrate the size of $1 trillion. The national debt is nearly 35 times that number.
James Madison once called a large national debt a "public curse."
"I go on the principle that a Public Debt is a Public curse and in a Rep. Govt. a greater than in any other."
We're certainly cursed to the tune of $35 trillion USD.
Thomas Jefferson said he considered “public debt as the greatest of the dangers to be feared.”
In his Farewell Address, George Washington urged us to use debt sparingly – and, get this, actually pay it off as quickly as possible!
"As a very important source of strength and security, cherish public credit. One method of preserving it is to use it as sparingly as possible, avoiding occasions of expense by cultivating peace, but remembering also that timely disbursements to prepare for danger frequently prevent much greater disbursements to repel it."
We failed to heed the warning of the Anti-federalist writer Brutus.
"I can scarcely contemplate a greater calamity that could befall this country, than to be loaded with a debt exceeding their ability ever to discharge. If this be a just remark, it is unwise and improvident to vest in the general government a power to borrow at discretion, without any limitation or restriction."
And here we are.
Or.....we can learn to live within our means like everyone else.
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How about a stack of fresh 100 dollar bills six hundred and forty miles high ... and that is just one of those trillions.
A million payments of one million dollars that’s a one with 12 zeros after it, that is one trillion.
One million is a stack of hundreds 40 inches high.
This so called government has got to go.
That would require that liberals treat taxpayer money the same way they treat their own. Unlikely, at best.
It will never be paid off............
All those $dollars borrowed and printed out of thin air.
Where do you think the money for illegal aliens is going. Right there is evidence number one.
It’s the same every election. However, the will to do anything about the deficit is never addressed.
35 Trillion is chump change compared to the 300 Trillion in underfunded liabilities we cannot pay. Why do you suppose open borders, viruses, and vaccines are so important now days?
If I wrote the check for $266K could I be ABSOLVED of all future Taxes? If so, where do I send it
?
As shocking as the examples are, most people will shrug it off.
Probably saying something like “Doesn’t affect me. Let the rich pay it off. They won’t miss it”.
“There are two ways to conquer and enslave a country. One is by sword. The other is by debt.” - John Adams
By constantly overspending, the Federal government has crowded out private spending, gaining a larger "market share" of total spending on goods and services (and the labor to provide them) at the expense of ordinary people. As a result, even if you thought you weren't paying taxes at the time you still lost purchasing power. So you're not only on the hook in the future, you got screwed in the past and present.
And nowhere in the 2024 Trump approved RNC platform are the terms balanced budget or Federal deficit. The new populist GOP is about tax cuts and ever growing spending.
President Trump will not be able mathematically to fix the debt problem. There will be tough decisions to be made. Defaulting on Federal Reserve debt is an option, they are a private non governmental agency- US Treasury debt will have to be honored.
Either way, tough times ahead, compliments of senile Joe.
Egads!
bump
If i pay my $103k, do i get to forget all taxes from now on?
“To put it another way, $35 trillion is more than the total economies of China, Japan, Germany, and the UK combined.”
There is about $15 trillion worth of gold in the world.
We owe more than double ALL of the world’s gold.
So much for the “gold standard”.
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