As our national debt is approaching $20 TRILLION dollars- does everyone really know how much this is?
Let me put it into real terms:
-all of the currency in the entire world -from every country, everywhere- totals just over $5 TRILLION US dollars. So to pay off the US debt, we would have to collect all of the dollars, euros, pesos, yuan and every other currency from every country and every person in the world 4 Times. So if someone ever says "we'll just print more money to pay off our debts"- challenge them with this fact.
-if the US government taxed its citizens an additional $1 Billion dollars every day- it would take 1,000 days to pay off just $1 TRILLION dollars. In other words, if every man, woman and child of the US sent the US Government an additional $2.85 every day in taxes (family of five $14.25/day or $5,200/year), then in 2.7 years we could reduce our debt by $1 TRILLION. However, if you want to reduce our entire national debt in 2.7 years then you have to multiply these numbers by twenty. . . that's right- over $100,000 of additional taxes every year for a family of five for almost three years! Oh and this assumes the government balances the annual budget during these 3 years!
Like this post if you want to hear more about the realities of the US economy and some possible solutions.
$20 trillion
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