Debt Stats

Discussion in 'Politics' started by PocketChange, Apr 11, 2011.

  1. In recent years, tax credits for low- and middle-income families have grown so much that a family of four making as much as $50,000 will owe no federal income tax for 2009, as long as there are two children younger than 17, according to a separate analysis by the consulting firm Deloitte Tax.

    According to 2009 Census

    The median American household income is down to $46,676. The median American individual income is slightly more than half. (for purposes of this thread lets use $24K)

    Approximately 55% of households paid zero federal taxes in 2009.

    Our debt ceiling is currently 14.2 Trillion with 111 Million tax payers reporting an average income of $24k.

    As a nation we average $24k income but are $128K in debt per tax payer. Just our interest expense for 2011 is $3.5T or $32K per tax payer.

    The game is over because even if we tax and take every $ made we still can't even cover the interest.

    Only solution is to borrow from foreign sources and print money to make the interest payments... This US Ponzi scheme is not going to end well.

    I fully understand why OPEC, China and India want to drop the dollar.
  2. pspr


    I think you may have confused public debt with private debt or dropped a decimal point. No way is annual interest on $128,000 equal to $32,000. That would be an interest rate of 25%.

  3. Source:

    According to US treasury: US Public Debt is 14.222 T

    According to Federal Reserve:
    US Total Debt is 55.3 T
    2011 US total Interest is 3.575T

    Total US Tax Payers: 111 M

    Total Debt per tax payer is actually $500K
    20x the average tax payers annual income.