“If I did the math right that’s almost $5,000 for every single person in the United States.”
Yes, you are correct, and the total debt rings up at $70,000 for every American.
You’re not even counting the TENS OF TRILLIONS in obligations we’ve racked up...promises that aren’t counted in the debt.
AVERAGE.
The average American is about 36 years old.
He or she will live to around 78, and retire at around age 70.
So he or she has, on average, around 34 years to pay.
That would be around $2,000 per year extra in order to pay off the debt over 34 years - with ZERO interest.
In reality, with even modest interest, it's more like $5,000 per year.
So let's just assume $5,000 per year for the rest of our working lives, for everyone, to pay off the existing debt.
This is above and beyond existing taxes.
So if you have a two-year-old child or grandchild, he or she is effectively already $340,000 in debt, courtesy of the clowns in Washington.
Where am I wrong in my analysis?