Debt, debt, and debt are 3 problems with US economy.
Government debt, personal debt, and speculative debt are three areas where debt has become a plague instead of a blessing.
Every tax-payer owes about $230k on the Federal Debt. $18 Trillion divided by Only 85 Million pay Federal Income Tax = over $212,000 per actual taxpayer. And then there are the other governments within our country.
And then there is private debt. 65% of US own a home. And we owe $11 Trillion in personal debt. 76% of US are adults. Since only adults own a home, this means half of our people actually own homes about 160 million. Therefore, the big share of the private debt is owned by those people and equals about 69k per person.
This all means that the people stuck with the most debt are stuck with about 212+37+69=$318,000 on average (*).
For what? The eternal Obama Wars and Welfare. And a house, also known as the ‘American dream? Are those worth the excessive borrowing? I don’t think so. Do you think so?
Did you think I forgot the third debt? Speculation? No, I did not forget, but I am running out of research interest in the topic. Because, what I read was scary.
(*) This is interesting. During the ‘melt down,’ we were told that the average mortgage was under water. They owed more than their homes were worth. Since the median home is over $170k, I find it difficult to believe that the average mortgage debt is less than $60k.
But, I give you the best data I can. And we discuss from there.