It’s No Big Deal, You Only Owe $123,636 – Dan Mangru WND (WorldNetDaily) Commentary June 15, 2010Posted by Admin in Dan Mangru, Market Commentary.
Tags: bernanke, Biden, budget, D.C., dan mangru, debt, deficit, fed, federal reserve, gdp, geithner, mangru, mangru report, obama, report, trillion, Washington, wnd, worldnetdaily
by Dan Mangru
On a warm D.C. Friday evening, our pals over at the U.S. Treasury, led by our revered Treasury Secretary Tim Geithner, put out a little report that they didn’t want you to see. After all, who’s looking for news on a Friday night?
In that little report, they just happened to mention that U.S. debt will rise to at most $13.6 trillion (as if the government has never underestimated a time or two).
For all of you 110 million taxpaying Americans, that’s $123,636 each, and that’s probably just the low estimate.
But it gets even better. By 2015, based on our current path of spending, out debt will be a paltry $19.6 trillion.
For those keeping score, that’s $178,181 for each taxpaying American, assuming that there are 110 million taxpaying Americans by 2015.
You see, our buddies in Washington, D.C., named Obama, Biden and Geithner want as few Americans as possible paying taxes.
Currently 47 percent of taxpayer-eligible Americans do not pay income taxes and that number is rising steadily.
So, let’s say if that number creeps up and only 100 million Americans are paying taxes, then each taxpayer will have a bill of $196,000 even. Considering this is the federal government we are talking about let’s just round it up to an even $200k.
For most taxpaying Americans, this means that you will owe more than what you take in during any given year, which sounds about right considering that by 2015 our debt will be 102 percent of our GDP, meaning that we will owe more than what we collect.
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