What’s Your Share of the $14 Trillion in Government Debt?
Debt (Photo by Christian Schnettelker) (CC BY) (Resized/Cropped)
How much do you owe?
The April 14, 2016, Time magazine headlined an article titled, “The United States of Insolvency.” In the article, author James Grant notes the path to the United States’ nearly $14 trillion dollars of government debt.
Grant makes a simple point: America owes more than it can pay. “We spend too much and borrow too much,” he writes. “Worse, we promise too much.”
America’s debt burden means that every American owes $42,998.12.
He further notes that debt as a percentage of GDP should be no more than 90 percent. Japan is at 227 percent and France is at 98.2 percent. The United States is inching up the scale to 73.6 percent.
It’s tomorrow’s trillions that are at the heart of the problem—whether it’s Social Security, Medicare, Medicaid, or Obamacare. We are incurring bills to be paid by future generations. “What awaits us and our children and their children is the unpaid tab of the future,” Grant writes.
I find it interesting. Few parents would knowingly harm their children. Similarly, few would harm their grandchildren, saddling them with burdens too heavy to carry. Yet that is precisely what we are doing. We are heading our country to a place of unmanageable debt, a place where our children and grandchildren will have to solve the problems of the past.
I wonder if that’s truly the kind of legacy we want to leave for future generations.
Posted on Linkedin.
Trending Now on Affluent Christian Investor
Sorry. No data so far.
Follow Us
The Affluent Mix
Government Spending And Your Heart Rate March 4, 2021 | David Bahnsen
Tucker Carlson Ices Industrial Policy By Criticizing Wind Power... March 4, 2021 | Roger McKinney
What This Supply Chain ‘Mood Ring’ Tells Us About The Recovery... March 4, 2021 | Jerry Bowyer
Internet Oligarchs Attack Free Speech March 3, 2021 | Frank Vernuccio
Envy And Human Nature March 3, 2021 | Jim Huntzinger
This Data Shows How Weird This Recession Was... March 3, 2021 | Jerry Bowyer
Another Theologian Falls For Socialism February 17, 2021 | Roger McKinney
GDP Bounced Back, Sort Of February 17, 2021 | Jerry Bowyer
Apathy And Envy For All February 17, 2021 | Jim Huntzinger
The Global Stock Market Decompression February 17, 2021 | Jerry Bowyer
Why Things Are Bad And What You Should Do About It... February 17, 2021 | Terry Applegate
Gamestop Scandal: Who Is The Real Culprit?... February 11, 2021 | Roger McKinney
Who Has Economic Mobility? Everyone! February 11, 2021 | Jim Huntzinger
Biden Deletes China COVID Evidence February 11, 2021 | Frank Vernuccio
How Companies Pay Shareholders: High Earnings Quality Companies Do More Buybacks... February 11, 2021 | Jerry Bowyer
Volatility Vs. Capital Erosion February 11, 2021 | David Bahnsen
When Will The Party End? February 11, 2021 | Michael Pento
Back To Buybacks: Is It More About Dilution Than Concentration?... February 11, 2021 | Jerry Bowyer
Even Amnesty International Is Criticizing Facebook Censorship... February 5, 2021 | Frank Vernuccio
The War On Poverty’s Results February 5, 2021 | Jim Huntzinger
How Companies Pay Shareholders: Total Shareholder Payout A Better Approach?... February 5, 2021 | Jerry Bowyer
Interest Rate Threshold Keeps Dropping February 5, 2021 | Michael Pento
Join the conversation!
We have no tolerance for comments containing violence, racism, vulgarity, profanity, all caps, or discourteous behavior. Thank you for partnering with us to maintain a courteous and useful public environment where we can engage in reasonable discourse.