Categorized | Bulletins

National Debt & Personal Consequences

Posted on 23 July 2010

Our national debt is now over $16 trillion.

How big is a trillion? Think of it this way: one million seconds will pass in the next twelve days; One trillion seconds will take over 30,000 years to pass us by.

Congress has accumulated this $16 trillion debt by consistently spending more money than we receive in taxes. In 2010 our government brought in $2.2 trillion in taxes. We spent $3.5 trillion. That means we borrowed $1.3 trillion to make up the difference.

We owe these enormous sums of money to lenders in the US and abroad, including countries like China, Russia and Saudi Arabia — countries that may not have our best interests in mind.

Accumulating this much debt won’t just mean that the accountants at the Treasury Department will have to purchase bigger calculators. There are serious personal consequences for you and your family.

  • More Debt Means Higher Taxes. [Prove it…]
  • More Debt Means Higher Interest Rates: [Prove it…]
  • More Debt Means Fewer Jobs: [Prove it…]
  • More Debt Can Erode Your Life Savings: [Prove it…]
  • More Debt Makes Your Family Less Secure: [Prove it…]
  • More Debt Puts Your Health Care At Risk: [Prove it…]