If everything stays the same we will be unable to pay the interest on the United States National Debt in 70 years. That is with interest cost at 1.5%, but I don’t think interest rates will stay that low for 70 years.
If nothing is done in the next 20 years and everything continues to grow as it is right now, the United States will be unable to pay the National Debt. The numbers don’t lie, see for yourself.
The National Debt right now, Aug,09,2011 is $14,590,690,584,569. That means every tax payer, there are 111,899,315 of them, would have to pay $130,391 to pay off the National Debt. The average amount of savings per family in the United States is $6,874.
The Federal Budget Deficit right now is $1,406,902,497,368, that means the U.S. Government is spending $1,406,902,497,368 more than what they bring in each year. If you multiply $1,406,902,497,368 by 10 you will have $14,069,024,973,680 so in 10 years the National Debt will have almost doubled.
If the National debt doubles then the amount each tax payer will owe would double. This means that the amount each taxpayer would have to pay would go up by $130,391 every 10 years. So we owe $130,391 now, in 10 years we would owe $260,782 and in 20 years we would owe $391,173.
The average life expectancy in the U.S. is about 76 years old, the age at when most people start working is hard to average because some start after High School, some after College, and some before finishing High School, but I would think an average age would be around 20 years old.
To find out how many years we have before the U.S. will not be able to pay the National Debt we will divide the amount of money each taxpayer will owe in 20 years, $391,173 by the amount of savings each family has, $6,874. The result is, if each taxpayer payed $6,874 a year, starting 20 years from now it would take almost 57 years to pay off the National Debt.
Since we don’t start working until we are 20 the taxpayer would be 77 years old when the National Debt was payed off but the average life span is only 76 so we can’t wait 20 years. The biggest problem is while the average savings per family is $6,874 it probably took each family more than a year to save that amount, so will each family be able to save 6,874 each year to pay off the National Debt?
I would say at the most we have 20 years to start paying off the National Debt if nothing is done to cut down on the spending, but I don’t think each taxpayer will be able to save $6,874 each year, so it is very possible if the Government doesn’t balance the budget, we may not be able to pay off the National Debt. Even if we are able to pay it off, the majority of taxpayers would just be living from pay check to pay check.
Source: Debt Clock
In 2007 24.5% of black people in the United States lived below the poverty level, that is 9,237,000 people. You may not be surprised by this because you see black poverty on TV and in the news all the time.
I think we should help people in need but I don’t think TV and the news media are giving us the whole story. It was also the case in 2007 that 10.5% of white people lived below the poverty level, that is 25,120,000 people. There were over twice as many white people living below the poverty level as black people.
Of course since there are more white people than black people you would think there would be more white people living below the poverty level than black people, so why is TV and the media not showing and talking more about the white poverty in the country.
We as citizens of the United States deserve honesty from our news media and in my opinion we are not getting it. Don’t just take every thing you hear on the news as fact, do your own research.
The estimated population of the United States in 2009 was 307,006,550. This was a 9.1% increase from April 1, 2000.
Persons 65 years old and over represent 12.9%
Persons under 18 years old represent 24.3%
Persons under 5 years old represent 6.9%
White persons not Hispanic represent 65.1%
Persons of Hispanic or Latino origin represent 15.8%
Black persons represent 12.9%
Females represent 50.7%
On March 30, 2011 The U.S. owed $203,882,630,423 in interest on the national debt. On that same date there were 111,100,810 tax payers. We don’t all pay the same amount of tax, but if we did each tax payer would have to pay $1835.00.
This is just the interest on the national debt, so this is spending money and getting nothing in return. I don’t mind paying taxes for a military, because it protects me, taxes for roads, because it gives me the freedom to travel, but why are we having to pay for nothing.
