Archived Story

Mounting debt will catch up to us

Published 12:00am Sunday, October 7, 2012

Regarding our national debt, if you passed the third grade you learned long division, so this should be no problem for you.

Last I checked, our national debt is a bit over $16 trillion ($16,124,000,000,000) and our population is a bit over 300 million (311,000,000).

So, dividing the debt by the population gives you the share each person owes of the debt. That turns out to be roughly $51,747. Trust me, I checked this several times.

And, as the debt is to go up another trillion in the coming year, it will grow another $3,209 to $54,956 for each citizen. If you’re married, you need to double your household debt to almost $110,000 and add another $54,956 for each child.

However, since only 53 percent of the population is subject to taxes, each member of those households will need to set aside $97,636 ($195,272, if married, plus additional for children).

If you think our children and grandchildren will be able to pay down this debt until they can afford the interest, you are much more optimistic than I am. I think the government will have to eventually devalue the dollar, slashing the value of any savings you may have and increasing the price of everything you need to live on.

The president is right. It’s not an immediate problem and won’t be for at least another four years, after which it won’t be his problem.

But you are stuck with this bill and the economic disaster it will cause.

If we don’t do something drastic and soon, and for a long time, $8 per gallon for gas and $10 per loaf of bread will be the bargains after devaluation.

I hope your kids like pinto beans and rice as much as I do!

And get ready to turn your thermostats down to 62 degrees in the winter and up to 80 in summer. The air will be clear, as we will cut emissions from power plants because we won’t be able to afford to buy as much of their products.

Like I said, it’s only third grade arithmetic — and some common sense.

But wait, minimum wage will need to go to $20-$25 per hour, so folks can live and there won’t be riots in the streets.

How many jobs will be left in this country then?

Please think about this before you vote.

Paul Woods

Ironton

  • BILLCO

    keta, snl is funny but the reality of this article is not . we have too get rid of this bunch of fools and crooks while we can, before its too late. vote romney.

    (Report comment)

  • keta

    Only one person running that can create jobs the next 4 years
    ———————————————————-

    I heard; 12 million of them! Did you happen to catch SNL’s debate skit, in which the moderator said to Obama, “Mr. President, Governor Romney just claimed he killed bin Laden!” LOL

    (Report comment)

    • mikehaney

      Have to agree with keta;SNL is funny at times.
      12 year olds can write funny stuff sometimes.
      But as a news source I will have to disagree.

      (Report comment)

    • Noesis

      Hey Keta, I bet the Navy Seals have a good laugh when they hear that Obambi claims to have killed OBL.

      (Report comment)

  • mickakers

    Paul Woods; A thought provoking article. As an aside, most of us down south eat black beans with our rice and a dash or two of Louisiana Hot Sauce. I am going to try the pinto beans next time, I think they have more flavor. Thanks for mentioning it. I concur with mikehaney in regards to “higher tax receipts”, and of course, better fiscal management starting with, eliminating waste.

    (Report comment)

  • mikehaney

    Only one way to cut our debt thru higher tax receipts.
    Jobs.
    Only one person running that can create jobs the next 4 years. Mitt Romney

    (Report comment)

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