The national debt is incurred by the Federal government on the part of the citizens.  The citizens are essentially on the hook for the money, payment of interest (and principal, if we ever get back to a budget surplus) on the debt has to come from tax revenues, so you will pay for it.  But only people who are employed pay taxes, so let’s allocate the debt to the employed people; collecting debt from the unemployed, children, and retired people is not feasible or morally acceptable.

There are 138.6 million people working in the United States as of a February 2010 report on employment.  The national debt currently stands at over $12.5 trillion ($12,544,703,929,352.55 to be exact).

So, if you are working, you are on the hook for over $90,000 of our National Debt.  And that’s not all; the Federal government is working hard to maximize your debt by running massive deficits. 

Note:  The deficits aren’t just an Obama thing; Bush started the trend (and the initial bailouts), along with a lot of former Presidents.  Don’t read a political leaning into my statements.  Democrats and Republicans are the same party in my opinion.  Both are pro-war and pro-massive government spending (results speak far louder than words, trillions times more if you ask me…).

So far, during the first five months of the 2010 Federal fiscal year the Federal government has accumulated an additional $655 billion of debt on your behalf, that’s over $4,700 per employed person.  They are on track to borrow over $10,000 this year for you.  That’s the additional equal amount every working person would need to pay in Federal taxes for the government to break even.

Ok.  Maybe it isn’t fair to assign all of this debt to those who are employed.  Let’s include everyone including the unemployed, homeless, children, and the retired.  Let’s have all of America support the debt load.  The current population of the United States is slightly over 307 million.  Using total population including you, your children, retired grandparents, the homeless and destitute, and everyone else, everyone only owes $40,800.  Everyone should be driving a Cadillac Escalade with that type of debt.

2009 was a record debt year for the United States, and so far, we’re 11% ahead of that record in 2010 (2009 deficit 5 months into budget year, $590 billion; in 2010, $655 billion).  We’re certainly winning the debt game!!!

Since 2007, Federal tax receipts are down 17% while spending is up 30%.  Does your family spend more year after year in the face of less income?  Of course not, it would be foolish, it would be reckless to the point of insanity and the end of normalcy for your family.  And yet Washington does just this, building an unimaginable debt that will be carried on the backs of our children and our children’s children for generations to come.

Tax receipts for the first five months of the 2010 Federal fiscal year are down 7.5% from the same period last year.  So the “recovery” doesn’t seem to involve jobs (there’s that high unemployment) or tax revenues rebounding.  I think it’s a bank “recovery” where bailout funds are causing inflation markets (which are quite high to me given the state of things) while the populations effectively faces deflation in housing (dropping values) and inflation in the most important goods (food and energy, natural gas and oil products).

I hate to be such a pessimist, but aside from Ron Paul, there isn’t a single person in Washington pushing for fiscal responsibility.  It’s all spend, spend, spend, with no end, end, end.  If the fools ran their personal finances like they do our country’s they would be out on the street destitute and poor.  Instead they pave our future with debt that will crush any semblance of prosperity and hope for the future.  The national debt is our future, already spent and wasted.

So anyway, brother, sister, can you spare $90,000?  If you wait until the end of the year your share will be over $95,000, so I would suggest paying up now if at all possible.  I’ve got Bill Gates on the phone, willing to donate his entire personal fortune to the National Debt.  His $53 billion fortune only covers 0.42% of the National Debt, so I’m going to have to ask everyone else to pony up for the children’s sake…  It isn’t fair to saddle our children with the sins of our politicians.

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