What isn't covered is the media is the fact that the US has the highest Government Debt per capita. Worse than Greece, Spain, Ireland and Portugal. All of the countries we hear about nightly. But why is it we hear nothing about US debt levels?
Given that the per capita income in the U.S. was just over $27,000, this debt load represents almost two years of income!! No matter how you look at this, the current levels are unacceptable. But, due to our reckless spending the last three years and failure to even pass a budget, the numbers are even worse now and if they keep up will be catastrophic by 2016. And these estimates don't take into account the enormous impact that Obama Care will have on the debt and deficit.
The table below shows the debt per citizen and per taxpayer from 2000, 2004, 2008 and 2012. It then projects values for 2016 based on the percentage increase we saw between 2008 and 2012. I highly doubt that the increase between 2012 and 2016 will be less than 50%, more likely it will be significantly higher given the record deficits the past three years.
And what did we, the taxpayers get for a 50% increase in debt per taxpayer between 2008 and 2012? Nothing, except a weak economy, high unemployment, lower 401(k) balances and many of us are making less now than we did 4 years ago.
It is time for our politicians to stop talking and starting solutioning! We the taxpayers can not afford more debt. Families and States are forced to balance their budgets, it is time the Federal Government do the same. We hear lots of strong talk about no Corporate Bailouts, but we should have equally strong talk about no Government bailouts. We need Congress to set a plan for reducing this deficit, living within their means and fixing this fiscal crisis. We need to downsize government just like businesses have to downsize during difficult times.
The government has grown beyond our ability to pay for it and no amount of tax increases on the "Rich", those making $250,000 or more, is going to fix this mess. I have posted data before that shows that even if we tax 100% of the income that is earned by these "Rich" taxpayers it only covers the current years deficit and does nothing to lower the total debt. So we need to stop this non-sense about taxing the rich and focus our efforts on reducing expenses substantially!!
Politicians can talk all they want, but the facts are clear. It is up to us to tell these politicians what we expect and if they do not perform, we need to vote them out and we need to replace them with people who are willing to make the tough decisions and put the taxpayer before their desire to be re-elected.
Make your voice heard this November.
