With all the recent news, real and fabricated, about the national debt it is surprising that no news outlet, network or cable, has explained to the American taxpayer what this debt means to him.
Soon approaching $17 trillion this debt will not only continue to dampen any effort to restore the once-greatest economy in the world, it will destroy our children and grandchildren’s opportunity to realize the American dream that we once shared.
Last year taxpayers paid just under $360 billion in interest payments on the nation’s debt. And although this was down from nearly $414 billion in 2011, according to Erskine Bowles, co-chair of President Obama’s deficit-reduction commission – whose report the president completely ignored - it is now estimated that we taxpayers will be spending over a trillion dollars a year in interest by the year 2020.
And what does this mean to each and every taxpayer?
As of this date, the current national debt amounts to more than $51,100 for each American citizen. And with the additional increase this year of $1.2 trillion each of us will owe another $3,900.
What is truly amazing is that the interest on the debt alone represents 6 percent of the entire federal budget – 6%!!
If we taxpayers ran our home budgets similarly we’d all be behind bars.
And now the leaders of the rest of the world are demanding that the U.S. deal realistically with its debt or the entire world economy will crumble.
Yet, what are the president and the Democrats in congress presently calling for once again? Another increase in the debt limit. Rather than take an honest and serious approach to cutting the massive spending that has gotten us where we presently are, these tax-and-spend liberals want to spend us into further debt. And when interest rates begin to climb again, and we are seeing some of that already in places, the interest on the debt will simultaneously skyrocket.
News this morning indicates a suspicion that Republicans will be getting nothing in this supposed Senate budget deal. Amazing!! Democrats, if they succeed in their current efforts, will continue to spend money the country does not have, continue to borrow from China and anyone else who will lend us the money we cannot afford to pay back.
The budget deal apparently agreed to by Senate Democratic leaders Harry Reid and Mitch McConnell will simply postpone the current mess until sometime in January when a new round of debate will simply further complicate, compound and exacerbate an already outrageous situation. And the Republicans will once again get the blame.
There are two basic for this: 1) There are those Americans that would love nothing more than to continue to expand President Obama’s lavish entitlement spending. The “gimme gimme” crowd that has seen their welfare programs skyrocket under the Obama administration. And 2) Those Americans who are either ill-informed or non-informed. Those citizens that pay little if any attention to what’s going on in their country.
A very sad state of affairs for this once-great nation of ours.
Spero columnist John Mancino is a California-based business owner and political consultant.