How Much Do You Owe?

How Much Do You Owe?

While the debt continues to rise with no end in sight, so does the tax each American owes. That is right. Whether we like it or not, each taxpayer’s monetary responsibility climbs when the national debt climbs. The website breaks down the numbers for us: “The federal government drove $789,473,350,613.20 deeper into debt in calendar year 2014, an increase that equaled $6,875 per household, $7,458 per full-time year-round worker, and $8,853 per full-time year-round private-sector worker…. Ten years ago, at the end of 2004, the federal debt was $7,596,142,802,424.14. Since then, it has grown by $10,545,301,333,139.16—an average pace of $1,054,530,133,313.92 per year.”

This mindboggling growth in US debt drives home the essential need for a balanced budget. Without the constraints that come part and parcel with such a budget, America’s future appears mighty dim.


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