Each nation needs a national budget to do those things that are in the collective interests of all its citizens. Public safety, health and education are prominent needs. Funds come from the citizens directly and indirectly.
At the present time (15 July 2011), the US deficit is $14,346,606,792,444,961 dollars. Well over fourteen trillion dollars. The years 2003-2004 set all-time records for annual deficits, and the situation has not improved.
Each American owes his / her share. Population on 15 July 2011, was 310,939,841
14,346,606,792,444,96/296,000,000 = $46,140 per American.
In 2003, the median household income was $43,318. Half of all households made less than this amount. Each household involves two or more people so the the median household has a share of the national debt of $52,652 beyond any personal debts. Some people think this is an imaginary debt. For sure, you cannot release yourself from the obligation by just paying your share, if you could afford it. It is debt in common with all US citizens to the debtors. To whom do we owe this debt? 59% we owe to US citizens who have invested in government Treasury bonds and the like. About 40% is owed to the federal Reserve; about 60% is owed to Individuals, corporations and foreign governments, Principally Japan, China and the United Kingdom.
Information Sources:
Posted by RoadToPeace on Sunday, August 21, 2005.
Rate this article: 
| 
(current rating: 102)
Who we are
Comments
To be able to post comments, please register on the site.