Our national debt just exceeded 22 trillion dollars. To pay this debt today each citizen owes $67,033. Since children pay no taxes, nor do about 45 percent of our adult population, each taxpayer actually owes $179,908. Our largest creditors in order are: Medicare/Medicaid $1,091,280,000,000, Social Security $1,005,651,000,000, Defense/War 676,814,000,000, Income Security (welfare) $293,531,000,000, Net Interest on Debt $350,206,000,000, and Federal Pensions $272,980,000,000 (USDebtClock.org).
Even with the present robust Trump economy (the best in several decades) this cannot continue to escalate. We are on a collision course with Armageddon which, at this late date, may not be avoidable. Any hope depends on three things (1) our ability to make significant cuts in the top six expenditures noted above, (2) our not electing a big spending congress or president in the next decade, (3) our not entering into any new big funding events such as war, infrastructure overhaul, or open borders allowing new groups to “eat out our substance” without having already paid their way.
Of this enslaving debt, $4 trillion came from eight years of George W. Bush and $10 trillion from eight years of Barack Obama — the two biggest spending presidents in U.S. history. Obama alone accumulated more debt than all previous presidents put together. Donald Trump is responsible for more than $2 trillion in two years.
So what is a trillion dollars? To begin with a trillion is the number one followed by twelve zeros. A trillion dollars is a thousand billion and a billion is a thousand million. This still means very little to students who count their money in fives, tens and twenties.
One mathematician gave us a more practical way to evaluate our outstanding debt. One trillion, one-dollar bills stacked atop each other (not end to end but flat) would reach nearly 68,000 miles into space—a third of the way to the moon (See CNN News Cast, Feb. 4, 2009). If so, the debt incurred under President Obama alone, $10 trillion, would have reached the moon and back and to the moon again. Moreover, if you like traveling atop this stack of ones, our total $22 trillion in debt would take you to the moon and back three times and to the moon a fourth time and a third of the way home again.
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