My 4 year old owes $42,000
March 16, 2010
The national debt — the amount of money the government owes its creditors — is about $12.5 trillion, or nearly $42,000 for every man, woman and child in the country. About $8 trillion has been borrowed in public debt markets, much of it from foreign creditors. The rest came from various government trust funds, including retirement funds for civil servants and the military. About $2.5 trillion is owed to Social Security.
Good luck to the politician who reneges on that debt, said Barbara Kennelly, a former Democratic congresswoman from Connecticut who is now president of the National Committee to Preserve Social Security and Medicare.
“Those bonds are protected by the full faith and credit of the United States of America,” Kennelly said. “They’re as solid as what we owe China and Japan.” ( Full Story )
Honestly some issues are bigger than advertising, and this is one of them. I can’t say I am quite happy with the fact that my now 4 year old son was born into $42,000 of debt right off the bat.
Seriously this is a problem that will cause us problems for generations…
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DFlor
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