In our latest Townhall magazine , November 2010, I read on how much public debt that all the children born in 2010 will have- if the spending does not stop.
- Children born in 2010 will start life with a public debt of $29,178.
- When those children have their tenth birthdays, it will have increased 70% to $49,694.
- Thirteen years old: doubled to $58,971. "This is also the first year that per capita Gross Domestic Product will be surpassed by the per capita share of the public debt for every American."
- Eighteen years: $80,650
- Year 2032: As they begin to enter into the work force, their debt will have tripled: $103,826.
- Age thirty: $166,500. that is an increase of 471 percent since they have been born.
- Year 2050: "If government spending is not immediately restrained, our nation's public debt is projected to increase from 9.1 trillion in 2010 to 122.8 trillion by 2050. As a result, when children born today reach forty years old, their share of the U.S. public debt will be $279,738- an increase of 859 percent above what it is today. For a family of four, the total household debt share would be approximately 1.119 million." I hope every one of those kids plan on being millionaires. Thanks to the Obama administration.
(quotes from pg 14-15 of the Nov. 2010 magazine: "Matt Drudge: the man who controls the news")
I'm not sure that I can leave an encouraging comment to these depressing thoughts. It is utterly astounding that when Congress spends money, they fail to budget properly. I guess if the money isn't "real", it's a lot easier to spend. Maybe they should put the money in envelopes (what real money they have) and determine which is the most important thing to spend it on. It would probably be their salaries and benefits.
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