WHO HAS 31-TRILLION DOLLARS?
If you haven't already heard, our national debt is now over 31-trillion dollars. How many zeros is that? AND, how is this ever paid back? To be honest with you, our government is out of control and its been going on for years. Can any of you tell me the first time we ever went over one-trillion dollars in debt? The year was 1982. That's right, during the Ronald Reagan era. In 1982 the national debt hit 1.1-trillion. It was part of Reagan's increase in spending to stimulate an economy that was in the toilet after the peanut farmer left office.
Who owns our debt?
How many of you know who owns our debt? Sure, most of you could probably say China. Yes, China does own about 1.1-trillion of our debt but you will never guess who owns the most. Private U-S investors, to the tune of nearly 10-trillion dollars. Who are the private investors? I have no idea so let's move on.
Did you know that our own government buys its own debt? The U-S Federal Reserve is second in line, owning about 5.3-trillion. If our country ever goes broke maybe the Federal Reserve Could write of the 5.3-trillion on their taxes. Others that own our debt are Ireland, the U-K and Japan.
Since I started writing this story the debt has increased millions more.
How much do you owe?
Today it is estimated for the debt to be paid off, each american taxpayer would have to cut a check for $246,689 to Uncle Sam just to get us even Steven. Could you write a check that big? I know I can't. That number has already increased since I wrote this sentence.
Tester is right
One thing I think our government needs to do now is stop it with the continuing resolutions that keep government going on a temporary basis. Even Montana Senator Jon Tester took to the senate floor last week saying, enough is enough! Did you know the last time our government actually had a balanced budget was during the Clinton Administration? That's true.
Will Biden add the biggest national debt?
Under George Bush Junior the debt increased five-trillion. Under Obama it increased about nine-trillion. Under Trump, who only had four years, it increased about seven-trillion. I know, Covid and all. And under Biden in his first two years it has increased another four trillion. If you keep up that pace under Biden and he gets another four years, he would increase the national debt by 16-trillion.
I don't know a lot about all that goes into this but one thing I learned early was, if you don't have the money in your account, you can't spend it. Something the feds have yet to understand.
Below is a link to the national debt clock. Look at the number today and then look at it again the next day. How much did it go up? You can also check and see how much more you owe every day? Now write that check!