Created by Dennis Kyle on 1/4/2011 2:04:00 PM
I am short on time today, but I had to make a post about the size of our national debt. As of today we have officially reached 14 Trillion dollars of debt. If you are unfamiliar with this number or the magnitude of this problem please consider the following.
What does $14 Trillion look like?
A baffling scenario
William Shakespeare was born in 1564.
- This year he would be 446 years old
- In 446 years there has been a total of 162,790 days
- In those 162,790 days, 3,906,960 hours have passed
- In those hours there has been 234,417,600 minutes
- and finally, 14,065,056,000 seconds have come and gone assuming Shakespeare were still alive today.
Stay with me here. William Shakespeare in this example would have to pay the US government $1,000 every single second from his birth to pay down the current US National Debt of $14,000,000,000,000.
Growth of Debt
The current national debt has grown by 55% since the end of 2008 (which was ~$9 trillion). If you think the system is working consider that rate of growth.
CBS reported George Bush grew our national debt during his eight year tenure by 70%.On the day President Bush took office, the national debt stood at $5.727 trillion. The latest number from the Treasury Department shows the national debt now stands at more than $9.849 trillion. That's a 71.9 percent increase on Mr. Bush's watch. CBS News (Read Article)
The current administration is on a path far worse than that of any previous administration, democrat or republican. We are moving at a rate toward socialism like never before in American History.
If you think this situation is going away you are so very wrong. I hope to write more posts about this subject matter because it concerns me so much. I have no children but when you consider that we are all connected then my family's and my friend's children are in for some serious issues. This is no longer a matter of conspiracy thinking, it is a fact that we are facing unprecedented times.
We have some of the brightest minds in the world. I do not have the time today to provide my opinion about a specific solution, but there is an answer. It lies in the Private Sector of America. We have to take bold action and reduce the size of our Federal Government. Do you realize the Feds employee, 2,748,978 as 2008, and who knows how many have been added since that time? Yes, some of these include our important military personnel however, these noble people were intended to be supported based on the initial articles designed for the United States of America. What single enterprise can you think of today that employs 2.75 million people, runs at a deficit, and is able to borrow and print money to keep its doors open?
Government Size Reduction
We need to reduce the size of our government and allow small and mid-size enterprise to create jobs and absorb the unemployment so we can add to the taxpaying population, rather than tax-takers. I know this philosophy is more complex and cannot be a quick fix but the situation we face is serious. Here is a scenario:
Imagine a person who chooses to leave or is forced out of their job. They now live off their savings. They are not generating revenue for their own personal consumption. At some point, the person will run out of savings causing them to reach a zero balance or negative equity in the form of credit card debt and other leveraged debts. This person has to figure out how to get themselves out of debt. However, let's assume this person is our Federal Government and does not need to be resourceful. They simply turn on their computer, start to print money on their printer, make a few connections with some friends to borrow some more money at some interest rate and they successfully continue on their spending spree with little to no accountability.
This my friends is what we call the United States government in its current state of affairs. They are unwilling to seriously reconsider their business model, make substantial cuts in personnel, and do what is necessary to ensure America's biggest business, the United States Federal Government can be fiscally sound.
If you think this problem will go away YOU ARE WRONG!! We the people need to become educated. We have a serious dilemma in thinking here in the US. Because we live in the greatest country in the world we take things for granted. Most people's mentality is based around personal consumption. If we are able to consume based on our needs and wants most people feel fine and consider themselves content. However, this selfish thinking will lead to serious national problems in the years to come. We have to take a bold stance against our Government's spending and continuous growth of human resources.
When will it all end? How many more people will the government add to its payroll over the next five years? At what cost will these additions come? How are we going to payback the national debt? What happens if our friends (i.e. China, UK) call the debt we owe? What, how, when, where...? Consider these questions and many more. If you live in America or benefit from the American economy you have to be concerned and willing to take action. This is not a democrat or republican debate. It is simple facts staring us right in the face. How are we going to handle the facts? This is always an important question we face in life. Do we stand idle and ignore the facts or do we stand-up and create a plan of action?
Are you ready to help? Let me know your thoughts.
Want to learn more about the actual taxes being paid in the America visit the government web site. It seems few look here to see real numbers. Almost half the country does not pay taxes.