It is easy to think of "the government" as some vague, faceless entity that is "out there" somewhere. But we have a government "of the people, by the people, for the people" in the words of Abraham Lincoln. And that means, essentially you are the government. Therefore, you are over $2 trillion in debt. And it's only getting worse.
The government's net operating cost, or deficit, in the report grew to $2.080 trillion for the year ended September 30 from $1.253 trillion the prior year as spending and liabilities increased for social programs. Actual and anticipated revenues were roughly unchanged.One wonders exactly what you will do when this debt comes due? I am pretty sure winning the lottery is not an option.
The cash budget deficit narrowed in fiscal 2010 to $1.294 trillion from $1.417 trillion in 2009. But the $858 billion tax cut extension package enacted last week is expected to keep the deficit well above the $1 trillion mark for another year.