With approximately 310 Million Americans and the US National Debt at about 13.5 Trillion, each man, woman and child owes over $43,000. This number has been rising somewhat steadily for decades and has spiked dramatically during the past several years. Combinations of wars, tax cuts, lavish spending, bailouts, a Recession, and a complete lack of fiscal discipline has led to the current situation which can be summed up in one word: UNSUSTAINABLE.
I know, this isn’t something to worry about now. Our children will pick up the bill down the road. Well, aside from the fact that future progeny will and should resent us for what is essentially generational theft, who do you think is going to fund your retirement and government services in your golden years? The working class just being born now. If they are burdened with high interest rates, stagnant growth and menial job opportunities for generations to come, maybe from a purely selfish standpoint, people will start to think about how it impacts them, since so few seem to care about kicking the can down the road now.
This is not a political statement, it is a reminder of the sad, sad situation our country is in financially. Regardless of your political affiliation, this fall, perhaps it’s worthwhile voting based on this over whether you’re worried about someone taking your gun or overturn Roe v. Wade. Let the courts fight that out, focus on who’s going to move the needle in the right direction with regard to our nation’s fiscal matters. Maybe you’ll want to consider their stance on government spending, new entitlements, wars, taxes, trade and other factors that will greatly mold the future demise or prosperity of this great nation.
As to the question, if we ever had to settle up, I could pay for myself and so could my wife, but not our 3 children without liquidating our retirement account. And I suspect I’m in the minority on even being able to cover the adults in our household.
Could You Pay Your Share?