Quick Thoughts: The National Debt

Mar 18, 2012 by

“No generation can contract debts greater than may be paid during the course of it’s own existence. The earth belongs to the living”

Thomas Jefferson

The United States has public debt in the approximate amount of 15.5 trillion dollars. To repay the public debt the budget would have to provide a surplus of money. The last years for budget surpluses were 1998 (69 billion), 1999 (126 billion), 2000 (236 billion), and 2001 (128 billion).  Taking the average of those surpluses, approximately 140 billion, it would take the United States 111 years to pay off the public debt. The year 2123 would be the year ending the debt, and the year in which fiscal responsibility was restored in the United States. If you are interested in numerical information about the rising cost of government and the debt visit the website www.usdebtclock.org.

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  1. Velociraptor-Head

    While explaining savings (earning interest), credit (paying interest), debt, taxes and our 15.5 trillion ($15,500,000,000,000.00)dollar national deficit to second grade students, there were many questions; “What benefits does the money pay for?”, “Who gets those benefits?”, “Who allows us to owe so much money?”, “Who do we owe so much money to?”, “What happens when the countries we owe want their money paid now?”, etc….A lively discussion followed.
    After informing these students of the government’s budget process and the president’s signature needed, a hand went up…a VERY smart seven year old commented that his mom would NEVER allow him to buy a toy, book, candy or any other item, if he did not have the money needed to make the purchase already saved, either from his allowance, extra work or gift money. So, his question to me was, “Who is stopping the Senate, Congress and the President from spending money that they do NOT have?” and “If we elected these people to represent us, why are WE letting them (as adults) do what our parents won’t allow us (as a kid)to do?”.
    Does anyone see where this is going? Seven year old children can figure this out…see what is right, what is wrong and even see and speak of the solution…(“Out of the mouths of babes!”, Psalm 8:2)
    After I related this discussion banter to my husband, he rightfully stated the obvious…AMERICA NEEDS A MOMMY!…Our forefathers did their work, now we need Lady Liberty’s mom to step up!

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