Did you know that as our national debt rises we are settling our children with our debt? The following might shock you:
“Under the Obama administration, the U.S. government debt has increased from approximately $143,255 per American less than 18 years of age to approximately $218,676 per American under 18, an increase of $75,421 or about 53 percent.
According to the Bureau of the Public Debt, as of November 1, the total national debt was $16,221,685,381,838.28, On Jan. 20, 2009, when Obama was inaugurated, it was $10,626,877,048,913.08. During Obama’s presidency, the U.S. government debt has increased $5,594,808,332,925.20.
According to the 2010 Census said there were 74,181,467 people in the United States under the age of 18. Thus the total U.S. government debt of $16,221,685,381,838.28 equals about $218,676 per person under 18, and the $5,594,808,332,925.20 in new debt accumulated under Obama equals about $75,421 per person under 18.” Source
How can we expect our children and our grandchildren to dig out of this massive deficit? They cannot. We need to have people employed, so that they can pay taxes to help pay down the debt. However, our politicians spend more money than what is collected in taxes. U.S. companies are exporting their manufacturing to other nations where labor is cheap. They do this to improve their bottom line. However, this causes massive layoffs, high unemployment, and a slow economy. By contrast, China, where most of our manufacturing is going to, is reaping the benefits of our folly. Their citizens are being employed by the very same factories that once employed Americans. Their spending is going up, which in turn causes their economy to go up.
When are we going to wake-up? According to CNS News,
“The debt that the U.S. government owes to foreign interests now equals approximately $47,495 for each household in the United States, according to the latest data released by the U.S. Treasury and the Census Bureau.
The portion of the U.S. government’s foreign debt now owed to interests in Mainland China is about $10,090 per household.”
How much more is the debt going to rise? The U.S. needs to declare bankruptcy and default on the debt. Yes, it will be hard, but this will give us a fresh start. If we don’t do something and do it soon, the U.S. will go the way of all the other former super powers or great nations, like the Romans, Greeks, and others. We will no longer be a super power. Our children are not receiving proper education. They fall far below in Math and Science across the world.