U.S. Debt: $100,000 per Man, Woman, and Child

Monday, June 24, 2024

John Stossel offers an eye-opening update on that measure of government looting euphemistically known as the "national debt."

He starts his litany of disturbing financial figures and negligent political ones with the following:

The federal government is now almost $35 trillion in debt.

That means every American owes $100,000.
As if that weren't bad enough, he also notes:
Last year, we hit a new ugly milestone: Americans must pay $1 trillion per year just for interest on our debt.

That's more than we spend on defense -- on infrastructure, education, poverty programs ... everything, but Social Security and Medicare.
This guy is guaranteed to add more to the pile. (Morph via FaceShape from pubic domain official portraits of President Joe Biden and former President Donald Trump.)

Stossel correctly calls out several Presidents before the last two, who admitted the problem, but failed to do anything about it.

But that's better than the last two -- also meaning the next one -- who both heaped trillions more onto the pile.

While I would have appreciated Stossel noting that the best way to attack the deficit would be to reduce spending, I will not complain much: He is one of the few commentators today with a wide audience to speak about this serious problem at all.

If it is true that admitting a problem is the first step to solving it, then we are further away from addressing the threat improper government poses to our savings and our futures than we were a couple of decades ago when the problem was much more manageable than it looks now.

-- CAV

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