Wednesday, December 22, 2010

Did you know you're over $2 trillion in debt?

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.

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.
One wonders exactly what you will do when this debt comes due? I am pretty sure winning the lottery is not an option.


shadowmom1 said...

I'll probably be dead.

Nomad said...

Ah, always the optimist, you are!

RedNeckoBlogger said...

There was NO tax cut... unless of course you're using "government math"... which is basically they own everything you produce, and "generously" ration a bit back to you. Think ante-bellum plantation... and you can start to understand the D.C. mindset... they live in the "Mansion of the Hill" you dwell in the mud hut! We must starve the beast, not keep it morbidly obease, less we be consumed!(IMHO). Merry Christmas, Happy 2011, God bless!