Columnist: Average family share of national debt is $800,000
“American Exceptionalism Radio” host Chriss Street in a recent column points out that the American family’s share of our national debt – when including unfunded liabilities like social security, government pensions, entitlement spending, etc. – stands at a mind-blowing $800,000.
Despite average savings per American family of just $9,149, the average family’s share of the $65 trillion federal debt is $796,589, according to the U.S. Debt Clock. To pay off their share of all federal debts as if it were a 30-year mortgage at a 4.5 percent interest rate, each American family would need to make a $4,036.19 payment every month.
Liberals have tried wordsmithing away the obvious benefits of President Ronald Reagan’s lower tax rates that stimulate economic activity to generate higher labor demand and wages by calling them “trickle-down economics.”
But as Breitbart News reported, a 2012 study from Christina Romer, the Obama Administration’s first head of the Council of Economic Advisers, stated: “Tax increases appear to have a very large, sustained, and highly significant negative impact on output … [and] tax cuts have very large and persistent positive output effects.”
Enough with the out-of-control spending. It’s time to bring discretionary spending under the purview of Congress, as it was meant to be. Click here to help Tea Party Patriots encourage lawmakers to get behind a commonsense spending plan that would balance the budget within five years!