$56,396.62 per citizen
$146,067.25 for your household
Why Does Debt Matter?
- At first it will seem like nothing is happening, but the reality is that the debt will begin to snowball and become a larger and larger portion of our economy. More of your tax money will go to pay interest on the debt, and less will go to fund things that the government should be funding.
- Interest rates will rise as the United States' debt becomes a larger portion of our economy. Increased interest rates will increase deficits and debt.
- Politicians who attempt to tax their way out of debt will find there is not enough tax money in the world to cover their promises.
- Higher taxes will dampen economic growth, compounding the debt problem.
- Politicians in Washington will attempt to buy your votes with "benefits" that they will claim "someone else" will pay for. In reality, whatever comes from Washington is paid for by YOU and me. There is no such thing as a free lunch.