What happens when you put someone who feels entitled to everything in control of the nation? The answer is no concern for the nation, the American people and out of control spending. All you have to do is look at all of the Obama vacations to realize how little they care about spending the hard earned tax dollars of hungry Americans.
Watching the national news is often challenging for me since all of the major networks are either liberal or extremely liberal, yet it sometimes provides topics to comment on. This is what happened this morning when I heard a broadcaster say that a proposed federal project would cost more than all of the US currency in circulation. That got my curiosity going and took me to doing some research.
When Barack Obama was sworn into office in January 2009, the national debt was $10.6 trillion. Figuring that the population of America at that time was 305.52 million people, the national debt per person at the time was approximately $34,700 per every man, woman and child.
According to US Debt Clock.org, the current national debt at the time of this writing is $19,116,183,194,785. That breaks down to $59,151 per every man, woman and child in America, or $159,760 per taxpayer. In seven years, Obama has increased the national debt by $24,451, which is an increase of 81%.
Compare the national debt to the total US federal tax revenue of $3,306,994,811,238, which breaks down to $10,233 per person or $28,251 per taxpayer.
How does this equate to you and me? According to CNN Money, the average family gross income was $53,657 at the end of 2014. Do you realize that if every penny we earned, before taxes, went towards the national debt, we would still be over $100,000 short of matching what the federal government is spending every year?
So how does all of this compare to all of the US currency in circulation? Believe it or not, as of March 9, 2016, there is only $1.435 trillion in worldwide circulation. If you have any concept of economics, this should be quite alarming to realize that our total national debt is 13.3 times more than all US currency in circulation.
Even more frightening are the predictions of a number of economists that before Obama leaves office in January 2017, our national debt will likely top $20 trillion. Even if the states passed a balanced budget constitutional amendment, it would still take more than our lifetime and probably the lifetimes of our kids, grandkids and great grandkids to come close to paying off the current national debt. Not exactly the legacy one wants to pass down the family line, is it?