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The IGA Blog

Don't get too excited

Living Beyond Our Means

1/15/2019

5 Comments

 
This is not a political entry--far from it. This is a statement as to how we have been living as a nation.

This is the National Debt Clock. Pay special attention to the number (the big one that is spinning out of control) in the middle on the bottom. That is the unfunded national debt.  $122 trillion. (This is the debt that includes Soc. Sec. and Medicare obligations) If you look to the right of that number--there is your portion. As of this writing it stands at $998,000.00. Almost a cool million for every taxpayer. 

The total gross domestic product--our nations output for a year is around $19 trillion. If we were to balance the budget today and start paying down the debt with interest--it would take us around 50 to 60 years to pay the debt off. 

So what to do with this information. It is a little like being on a runaway train--the hope is that we don't run out of track. We look at the economies of Chile and Argentina and think that could never happen to us--we are too responsible. Yet these numbers don't lie and the truth is they are probably going to get a lot worse.  There are one or two babyboomers (taxpayers) that might want to retire--soon.

At some point in the future--maybe near future--when it comes time to vote on raising the debt ceiling--we as a nation are going to have to focus on our $122 trillion in obligations rather than the policy dujour. 

When your digging yourself into a deeper hole--the first order of business is to put down the shovel.

J
5 Comments
John H
2/12/2019 09:48:37 am

That is a great reminder and reality check!

A trillion $ is too big to comprehend ... 122 trillion - inconceivable! We have to borrow 1-3 billion a day to keep the government running - we definitely have a spending problem as a country. For some great visuals on how much a trillion $ is:

https://www.thecalculatorsite.com/articles/finance/how-much-is-a-trillion.php

Reply
Paul Basken
1/28/2021 07:30:43 am

That actually is a political statement -- and there's no need to be afraid of saying so.
And the timing of your comment -- after four years of one party running up the deficit to record levels, and just as another party takes control -- is also political.
It's also an opinion without much basis in fact, as there's plenty of research showing there's far worse mistakes than allowing a large government deficit, including allowing the massive income inequality we now have in this country.

Reply
David
4/19/2022 07:26:42 am

read this..

Revolt Or Collapse: Pick One*

https://market-ticker.org/akcs-www?post=234584

Reply
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    My name is Jim.  I work at the IGA--I am a long time lover of all things Topsail.

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