HURTLING TOWARD BANKRUPTCY
The federal government owes people almost $22 trillion. That means that American taxpayers owe people almost $22 trillion. That’s because the federal government has no money of its own. The money it gets comes entirely from American taxpayers. That’s what the IRS is for — to make certain that everyone sends his required amount of taxes to the federal government to enable it to cover its expenditures.
According to usdebtclock.org (which is an Internet spectacle worth looking at), federal tax revenue amounts to around $3.3 trillion. The amount of federal expenditures is over $4.1 trillion. That means that almost another trillion dollars will be added to the government’s debt load, making it $23 trillion.
The share of the debt for a U.S. citizen amounts to more than $219,000. For a U.S. family, its share of the debt is more than $856,000.
This is what is occurring year after year, thanks to the massive welfare-state, warfare-state way of life that conservatives and liberals have foisted upon our nation.
Some statists argue that it’s all no big deal. They say that since we are all Americans, we owe all that debt to ourselves. That ignores the fact that there are individual and institutional creditors who have loaned money and expect to be paid back. The fact that some them are Americans is irrelevant. They expect their money, which means that the federal government will have to tax American citizens to get it. Thus, we don’t owe all that money to ourselves. One group is owed the money and American taxpayers are on the hook for repaying it.
Moreover, the debt is also held by foreigners, all of whom expect to be repaid in full the money they loaned to the federal government. One of the principal creditors is Communist China, whose regime was one of the big lenders for President George W. Bush’s invasion and occupation of Iraq.
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