Off the Editor’s Desk – 5/11/22
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There is a lot to talk about!
As I sat at my desk last Friday afternoon looking for a bit of good information to discuss, I was totally confused when a dozen or more subjects popped into my head and on the computer screen in front of me.
I could talk about the southern border, the leak from the Supreme Court over abortion, the singing cuckoo nut that will lead the new disinformation bureau, or our freedoms that the government has an ongoing policy to limit, or our tax load. But, our enormous debt looked like a good topic to bring up.
I came across a piece about our debt. It seems that everyone must be comfortable with our national debt, because you hear so little about it lately, I almost forget how bad it is.
The piece that I read stated that China has more than $5 Trillion in debt. That amounts to about 50 percent of their GDP (Gross Domestic Product).
The world is saddled with a giant debt amounting to $226 Trillion in total.
The United States is in debt for some $30.4 Trillion, with China holding over one trillion of that. But, while China is in debt to the tune of fifty percent of their GDP the United States is in over 120 percent of its GDP.
Your and my part of that National Debt comes to $91,400 for each citizen. Now I can see why President Biden wants to flood the southern border with people. Adding a million people a month will reduce the debt on each of us, as it is spread over more people. If you think that is the case, the debt will be on backs of the taxpaying public.
Just in case you would like to know how many people are going to be responsible for that debt, mostly our grandkids. But the population of the United States is just over 332 million. But there are only 125 million taxpayers and if you are one of them, your share of the debt is somewhere close to a quarter of million dollars.
A couple of other things that I pulled off the debt clock is that our total debt for all citizens people is somewhere around $90.3 Trillion. In an attempt to balance that figure out with people’s savings, which are at only $13,571.
So how much trouble are we in?
According to a financial checklist plan, they put it this way:
“We’re not doing very well financially. When it comes to personal finances, most of us are barely making it and we wonder if there can really ever be a light at the end of the tunnel.
“Consider the facts. 78 percent of Americans live paycheck to paycheck with little or no personal savings.
“The average American family has $38,000 in non-mortgage debt.
“Most Americans could not weather a $1,000 emergency without both it being a crisis and a need for borrowing more money.
“The average American retires with less than $20,000 saved for retirement and is forced to live a meager retirement living on mostly Social Security monthly payments.”
Apparently we all could use a good financial advisor or divert some of that paycheck money into a savings account!
Thanks for reading ~Carlton