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Showing posts from February 7, 2006

You NOW owe $27,496.29

[I advocate and maintain a balanced budget and low-to-no debt] The Bureau of the Public Debt states that outstanding U.S. Public Debt as of 02/03/2006 is now $8,195,544,127,376.07... that's 8.2 trillion dollars and the highest point ever in U.S. history. The Feb 07, 2006 estimated population of the United States is 298,060,012. So, figured on a per capita basis, each citizen's share of this debt is $27,496.29. ( U.S. Department of the Treasury ) This debt, 64.7% of GDP (2005 est.), has grown $2.5 trillion in just the last five years alone; in 1992 the debt stood at 4.1 trillion—that's half of what it is today. We pay interest (around 4.6% at today's rates) on that debt to Fed banks, private organizations and individuals. You and your kids will have to pay that debt down eventually with tax money or reduced government services (e.g., Social Security, Medicare, Homeland Security). If left unchecked and it continues to grow, we risk a collapse of our financial system at so