According to the following USA Today article, every man woman and child in the US is responsible for $194,078 of unfunded government debt.
At that level, if we started paying it off today, and each household paid $2583 per month for the next seventy five years, we would get this paid off. Sweeeeeeet. If we wanted it paid off sooner, we would need to pay more each month. Don’t want to pay so much….it will take longer.
By the way, this all assumes that we don’t add any more to the debt. Fat chance!!
Taxpayers on the hook for $59 trillion
Updated 5/29/2007 8:33
trillion loss last year — far more than the official $248 billion
deficit — when corporate-style accounting standards are used, a USA
TODAY analysis shows.
Bottom line: Taxpayers are now on the hook for a record $59.1 trillion
in liabilities, a 2.3% increase from 2006. That amount is equal to
$516,348 for every U.S. household. By comparison, U.S. households owe
an average of $112,043 for mortgages, car loans, credit cards and all
other debt combined.
This hidden debt is the amount taxpayers would have to pay immediately
to cover government’s financial obligations. Like a mortgage, it will
cost more to repay the debt over time. Every U.S. household would have
to pay about $31,000 a year to do so in 75 years.
Tags: Politics