Americans Owe Some Frightening Debt

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by David Remer, June 16, 2003 -

The US Government as of this date has a national debt owed to those who invest in this country 6 trillion, 687 billion, 265 million dollars. The American in a family of four who brings home the bacon owes those investors, 91 thousand 849 dollars. In addition to this, that same breadwinner owes those same investors an additional $2,565.75 in interest for this year on that debt.

Want a real tax break? Demand congress and the president get rid of the debt and then each and every working person in a family of four would get a $2,565.75 tax break, because that interest payment would no longer be needed. Let's see, this year the government will send me a $400 check for reducing my taxes by increasing my daughter's tax deduction. I will spend that check paying off interest on my credit card. Doesn't seem to me that that will create any new jobs.

However, if we reduce government spending and hold the line on taxes, and pay off that more than 6.5 trillion dollars in debt, then the government would send me a check for $2,565.75 as a rebate on interest no longer having to be paid to investors. With that check I would buy a new refrigerator, a new air conditioner and a new guitar. Now if all wage earners received that kind of tax cut, and spent it similarly, that would result in one of the biggest boons to employment and the economy we have seen since the 1950's.

Say no in 2004 to rising debt and interest, and say yes to the possibility of your children making and keeping a decent wage when they enter the work force.

Debt and interest numbers courtesy of The US Treasury and The US Census Bureau by way of UWSA.

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This page contains a single entry by David R. Remer published on June 16, 2003 4:06 AM.

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