The national debt, what you don’t know

Although the media is focused on the current theater in Washington, DC and how President Obama is trying very hard to bring the House Republicans to heel, no one is talking about our real national debt. The only number you see and hear about is the current national debt, excluding other liabilities. Those liabilities are over seven times the national debt!

As you can see from this graphic, it’s not nearly $17 trillion, but over eight times higher! When you add in unfunded Medicare, Social Security and prescription drug liabilities it’s an additional $126 trillion. That’s over $1 million of liability for each and every U.S. taxpayer. That means you owe well over $1,000,000 as your share of the burden.

Click on graphic for a larger image, or visit the Our Debt menu item above.

Is it any wonder that we’re in trouble. I have a good start at a solution, starting with eliminating corporate taxes to make the United States a tax haven.  Money and jobs will flood our country, making the dollar much stronger, provide a dramatic increase in tax collections because of increased employment and a way out of our cliff-edge mess.