Your Share of the National Debt

In the first 7 days of 2010, each taxpayer's share of the national debt increased $1375 to $112, 661. Consider that for a moment; in order to pay off the national debt, each taxpayer has to cough up $112,661. That in itself is obscene. Let's now look at that first part again: that each taxpayer's share of the debt increased $1375 in the first week of the year. If the average taxpayer makes $50,000 a year, they earned gross $959 in that same week. So your share of the debt increased at 143% of what you have earned this year. How can we possibly pay off the debt when it is growing faster than what we earn?

I'm not making any partisan political statement here as both parties have been major contributors to the current debt. I am making a statement about what it becoming a serious financial condition. The 2008 crash was a result of too much debt that froze up. There were other contributors, greedy home builders, home speculators, politicians, lenders and banks, but in the end there was too much debt used to prop up an industry so that you had a house of cards. When the first cards began to fall, when money began to freeze up and that debt couldn't be continued, the whole thing collapsed.

What could happen to the economy, the country in general, if the government can't borrow any more money? China is basically propping us up by purchasing all our debt; what would happen if they stop? Something is going to give and I am more and more concerned that it will not end well.