29 May 2009
You are half a million dollars in debt!
Maybe you didn’t know it, but your household is $546,668 in debt. Oh, by the way, that doesn’t include any of the debt that you know about, such as your house, cars, student loans, credit cards, etc. What I’m talking about is your share of the federal government’s commitments.
In 2008, the gov took on $6.8 trillion in new obligations for a total of $63.8 trillion. In 2008 alone, your household was put on the hook for $55,000. Not actually your household, but that would be the average cost per household. We all know that for many people, the cost is $0 and for many others the cost is much more.
You can read the details at USA Today
When I read this article, I must admit that I was flabbergasted. I had no idea that the total would come to such an unbelievable number. I’ve heard that you have to work several months each year in order to pay for your taxes, then you can enjoy the rest of the year knowing that you finally are really earning money that you can spend (which is of course taxed when you spend it). Let’s say that you work from age 20 to age 65. What would you think if you were told that the first 15 years of your work life would be enough to pay your taxes for the next 45 years. Don’t worry, when you’re 35, you’ll finally start earning your own money.
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