Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

$130 Trillion - What We Owe
National Review magazine ^ | June 21, 2010 Issue | Kevin D. Williamson

Posted on 06/18/2010 5:48:15 AM PDT by T.L.Sink

click here to read article


Navigation: use the links below to view more comments.
first previous 1-2021-29 last
To: Principled

just a google brings me to cumulative lifetime earnings for a bach deg of around 2 million [i could find no median.]

Using this estimate, kids are born owing 21% of their lifetime earnings. KRAP!


21 posted on 06/18/2010 8:06:25 AM PDT by Principled (Get the capital back! NRST!)
[ Post Reply | Private Reply | To 20 | View Replies]

To: Principled

Someone with a Bachelor’s degree who starts working at age 22, would earn something on the order of $3 million over a lifetime in constant (inflation-adjusted) 2007 dollars (this is just eyeballing figures on the chart shown here: http://politicalcalculations.blogspot.com/2009/07/average-lifetime-earnings-trajectories.html). Remember that the $420,000 debt figure is in today’s dollars. If you let it rise with future inflation, it would be much greater. So the $3 million lifetime income figure is an “apples-to-apples” comparison to the debt figure.

So clearly those with a college education can “afford” this debt, although it should be kept in mind that this would be on top of whatever lifetime taxes they will owe.

Those with only a high school education will fare much more poorly: even accounting for being able to start work at 18, their lifetime income would be about $1.7 million.

Here’s some more dismal figures about generational theft to ponder: http://politicalcalculations.blogspot.com/2009/06/generation-theft.html


22 posted on 06/18/2010 8:39:05 AM PDT by DrC
[ Post Reply | Private Reply | To 20 | View Replies]

To: DrC

So bach degree owes 14% of lifetime earnings at birth. Then, he’ll also pay appx 35% of those earnings in fed inc/payroll tax.

A high school grad owes about 25% of his lifetime earnings at birth. Then, he’ll also pay appx 15% of those earnings in fed inc/payroll tax.

That leaves slightly over half our earnings. How kind.


23 posted on 06/18/2010 9:20:17 AM PDT by Principled (Get the capital back! NRST!)
[ Post Reply | Private Reply | To 22 | View Replies]

To: eleni121

You’re right. We’re in such a mess that the Chinese are seriously considering stopping purchases of our Treasuries. They’re smart businessmen and aren’t stupid enough to keep investing in a nation that soon will be unable to provide any returns on their investment. I don’t know what the Chinese words for “Chapter 11” are, but that’s where we are and they KNOW it.


24 posted on 06/18/2010 9:23:04 AM PDT by T.L.Sink
[ Post Reply | Private Reply | To 4 | View Replies]

To: Mr. Jeeves

I agree with that and with entitlements like Social Security, Medicare, Medicaid, etc. already in the red the day of reckoning isn’t far away. It all goes back to what Margaret Thatcher said: “Socialism always fails because eventually it runs out of other people’s money.”


25 posted on 06/18/2010 9:30:13 AM PDT by T.L.Sink
[ Post Reply | Private Reply | To 5 | View Replies]

To: eleni121
I don’t care. One life is not worth any of it.

Clearly, you don't care, and one life is NOT worth it. This is one of the bone-headed mantras in use today that bugs me the most. One life is not worth Trillions of dollars. If it were, we'd allocate a few trillion to saving one kid in a bad fix... and then the entire country would go bankrupt the next day. Guess what... his life is not worth losing the nation. One life is not worth losing s state. One life is not worth losing a billion dollars, despite the insane punitive damage awards some juries have handed out lately.

26 posted on 06/18/2010 9:42:09 AM PDT by Teacher317 (It's Islam)
[ Post Reply | Private Reply | To 16 | View Replies]

To: Titus Quinctius Cincinnatus

Good observation that really puts things in global perspective! Expect Obama and the Left to start printing money as the crisis deepens. That will result in galloping inflation and a worthless currency. At that point the Chinese and our other creditors will probably put liens on real property - like the White House and the Statue of Liberty!


27 posted on 06/18/2010 9:48:12 AM PDT by T.L.Sink
[ Post Reply | Private Reply | To 13 | View Replies]

To: Teacher317

Bone heeaded are those who continue to send our treasure - human and man made - to the Muslims overseas to build and rebuild mosques from which venom against the West is spewed.

Now that is worse than being boneheaded. It’s self defeating in all sense of the word.


28 posted on 06/18/2010 12:07:37 PM PDT by eleni121 (For Jesus did not give us a timid spirit , but a spirit of power, of love and of self-discipline)
[ Post Reply | Private Reply | To 26 | View Replies]

To: DrC

“$420,000 for each of the 309.5 million people in the U.S”
Not counting the taxes paid on earnings, and assuming no further increase in debt. Also not including State and local gov. debt..... But hey, who cares? Toy Story 3 opens this weekend.
Go forward blindly fellow Americans!!!


29 posted on 06/18/2010 7:57:41 PM PDT by PilotDave (No, really, you just can't make this stuff up!!!)
[ Post Reply | Private Reply | To 18 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-29 last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson