With federal spending now at $3.6 trillion and rising, the current national debt stands at more than $43,000 per each man, woman and child in the United States, according to new statistics
released Tuesday by the Republican National Committee.
The outstanding U.S. national debt, now at $13.4 trillion, will cost each taxpayer nearly $120,000, according to the data. That’s akin to the government taking out a mortgage on your behalf, but giving you no house in return!
These frightening figures, along with Washington’s continued spending binge, are casting a long shadow over the 2010 mid-term elections, fueling the movement for a smaller government and increasing voter anxiety about the future.
Economists Carmen Reinhart and Kenneth Rogoff, who studied the link between debt and economic growth over the past 200, report that such staggering debt will have real life consequences, including interest costs crowding out other spending needs; lower standards of living; less room to maneuver in a fiscal or international crisis; and an increasing chance that investors will charge higher interest rates on U.S. debt or stop loaning at all.
Your share of the national debt, however, is just the tip of the iceberg. Not included is the government debt owed by each of the 50 states and each of the counties and cities within the 50 states.
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