Thursday, June 30, 2005

You'd Be Crying Too If You Were Born $150,000 in Debt

Why is this baby crying? Posted by Picasa

$150,000 will be each person's share of the national debt in the year 2040 if present trends continue. The baby in the picture will be about 35 years old by then. I wonder how the baby will feel about being so deep in debt? Maybe a better question is, "Will the baby and everyone else have enough money to pay off their share of the national debt?"

How could the national debt be so large? Simple. The federal government spends more than it receives in taxes. And it's been living beyond its means for a long time.

The solution? Either cut government spending by 60 percent (fat chance!) or increase taxes by a factor of 2.5 (also, fat chance!).

The 300 year hypothesis: No republic in the history of the world has lasted three hundred years. The 300 year hypothesis was raised by the U.S. governments's head accountant, David Walker, the Comptroller General of the United States. For the U.S. that 300-year threshold will occur in 2076. Will the U.S. still be around then?

Something must be done, but the political will to take decisive action is lacking:

In his fiscal 2006 budget request, President Bush attempted to reign in unnecessary spending by cutting or eliminating 150 government programs to save about $20 billion next year. As reserved as these cuts are within a $2.6 trillion budget, members of Congress in both parties demeaned the President’s recommendations. If this struggle is any barometer for the future of our government, the United States may not have the chance to disprove David Walker’s 300 year hypothesis.



At 12:23 AM, Anonymous Anonymous said...

This post does not provide enough information

we need to see graphs and stuff

At 5:18 AM, Blogger Brian Turner (Coolwhip) said...

Natinoal Debt can be fixed, just the people of the goverment choose not to really attack the issue. Look at the government spending on limosines to drive capital workers around the block paying them by the hour. Spending money on contracts at higher rates than if they increased the wage of the troops to decrease the need for contractors. Why spend billions over seas to help other countries in natural disasters when the US has one already, the homeless. The US needs to tighten the belt and start taking care of its own before lending a helping hand. Besides more than half the countries we help will not be able to or will want to help us wether it be a war or natrual disaster.

At 2:25 PM, Blogger giovanna madrigal said...

When placed into these terms with or without numbers, figures, and graphs, it stinks (No, I'm not talking about the baby's diaper). It's just a little food for thought.

At 11:12 AM, Blogger Jerald Meadows said...

I think that its is interesting to think that there could be an end to your government. To bad most of us will not be around to see if the hypthosis is true or not.,

At 10:09 PM, Blogger AQUIETUSx said...

I really don't care about the national debt. Years from now your dividing it by the amount of people on the earth so I guess that means I'm suppose to have 150,000 as my share. Well that share ain't getting paid. Even if I had enough, ain't my problem. Everyone's always talking about this and that about the national debt. The government still approves billions for war so I don't eve wanna hear it. I ain't paying jack. My Money is my money. This does'nt sound to reallistic but it does to me so thats all that matters in the end.

At 7:22 AM, Blogger Jon62486 said...

I hope I'm alive in 2076 to see if the country is as bad off as I think it will be. Oh well, I hope the 300 year hypothesis is wrong or the future could be in deep trouble. I would rather be wrong and it be better than worse in 2076, but I doubt it.

At 2:16 PM, Blogger Sara Humphrey said...

I really don't understand the whole national debt thing. I am going to sound like a complete idiot for what I am about to say but hey-this is the intro to economics and I only know so much about how the economy works. I have always though the governent could just print out more money and pay off our debts. Like I said, I don't know what would do to the market or our economy. Why is there endless debt. Why haven't we forced those coutries we leant money to to pay us back. Something has to be done because the way I see it the debt is only going to increase as the years progress.

At 9:00 PM, Blogger Alexandra said...

Sometimes articles like these make me think about not having kids and not putting them through things like this. Example the big worry of Armagedon. Well that really isnt comparable to the national debt, but I know that I am going to be in debt when I graduate from school from all these student loans...and it will feel like its going to be then end of the world before I pay it off.

At 2:01 AM, Blogger Jennifer Krock said...

First I dont understand why Bush Jr. put up a "shield" from missiles when he first became president when we don't have any money! I don't think that Bush is worried at all because his family will always have money from their "little" oil fields. I heard that Germany is completely out of debt, I think I might move back there!!!

At 5:38 PM, Blogger Melissa said...

I always think of the Roman Empire when I here of the 300 year theory. The Empire had the most powerful leaders and army, with outposts far and wide, and almost everyone in the cilized world spoke Latin. Sound familiar? Then the leaders became corrupt, the Army became unmotivated because they stopped winning wars, and the country was overrun by the enemy. Sound Familiar?

At 1:58 PM, Blogger david burnett said...

Well I think I am going to stay in college if you are proposing a 2.5 tax boost. I will become a professional student because I for one am already crying about what taxes are now. All I have to say is bring our troops home and quit trying to," combat terrorism," and maybe our economy would not be spending so much.

David Burnett

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At 1:20 AM, Blogger nope said...


I'm sorry for being intrusive in to your blog. But I am Melissa and I am a mother of two that is just trying to get out of an incredible financial debt. See my hubby is away in Iraq trying to protect this great country that we live in, and I am at home with our two kids telling bill collectors please be patiant. When my husband returns from war we will beable to catch up on our payments. We have already had are 2001 Ford repossessed from the bank, and are now down to a 83 buick that is rusted from front to back and the heater don't work, and tire tax is due in November.

I'm not asking for your pitty because we got our ownselfs into this mess but we would love you and thank you in our prayers if you would just keep this link on your blog for others to view.

God Bless You.

Melissa K. W.
To see my family view this page. My Family

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At 4:11 PM, Blogger David said...

Politicians continue to try to patch together the economy, businesses merge, and merge. Huge trusts and monopolies are being formed. We are being sold into slavery as it were. The only solutions that I have found is to listen and practice the advice found here. Our land is in jeopardy


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