Chapter 57 Should taxpayers be concerned by our National Debt?
I think this is an important question. Let’s review some of the facts as of August 2017 and you can decide for yourself:
The national debts stands at just a fraction below $20 trillion which equates to almost $166,000 per taxpayer.
The projected deficit is near $700 Billion and is currently accelerating behind that number at rate of $200,000 per minute.
Look at the major budget elements, they are changing at the following rates:
Medicare & Medicaid: increasing at the rate of $70,000 per minute
Social Security: increasing at the rate of $49,000 per minute
War & Defense: increasing at the rate of $48,000 per minute
Interest on the debt: increasing at the rate of $57,000 per minute
Income Security (Welfare & Disability): decreasing at the rate of $15,000 per minute
Federal Pensions: decreasing at the rate of $9,000 per minute.
Of even more concern is the amount of unfunded liability
The current overall level of future debt that is not supported by funding stands at over $107 trillion which equates to over $888,000 per taxpayer! It is increasing at a rate of almost $8,000,000 per minute!
Of this the major contributor is again Medicare & Medicaid. It, along with Social Security, are growing at the fastest rates.