- Posted July 12, 2012 by
This iReport is part of an assignment:
The National Debt - How Much Do Each of Us Owe?
At the close of business on July 10th, the US national debt was $15,885,854,755,351.47. You are reading that right. That is almost $16 trillion.
Another report out today notes that each working American must work 7 months this year to pay taxes.
Since inauguration day in 2009, the amount owed on the national debt by each and every American has increased by more than $64,000.
At the close of business on Jan. 20, 2009, according to the U.S. Treasury, the total debt of the federal government was $10,626,877,048,913.08. By the close of business on July 10, 2012, that debt had climbed to $15,885,854,755,351.47—an increase of $5,258,977,706,438.39.
In “Statistics of Income—2009 Individual Income Tax Returns,” which was published this year and is the Internal Revenue Service’s most recent statistical report on individual income tax data, the IRS reported that there were 81,890,189 tax returns filed in 2009 that reported taxable income.
If each of these 81,890,189 federal taxpayers were given responsibility for paying off an equal share of the new federal debt added since Obama was inaugurated, they would each need to pay about $64,219.88.
If each of these 81,890,189 federal taxpayers were given responsibility for paying off an equal share of the entire federal debt of $15,885,854,755,351.47, they would each need to pay about $193,989.72.
At the close of business on March 4, 2011, when the first spending deal approved by the Republican House leaders took effect, the total debt of the federal government was $14,182,627,184,881.03. Since then, it has increased by $1,703,227,570,470.44.
That $1,703,227,570,470.44 increase in the debt while the Republican-majority House had responsibility for spending bills equals $20,798.92 for each of the 81,890,189 taxpayers who paid federal taxes in 2009.
To pay off the federal government’s total debt of $193,989.72 per taxpayer, the median household making $49,777 in 2009 would need to give the government all of its earnings for a period of almost four years (3.897 years).
How much longer can the US government operate this way?
How will or can the US taxpayers ever get out of debt?
What is the answer to the ever growing and unsustainable national debt?
The numbers suggest that each taxpayers debt increased a little over $43,000 from 2009 to 2011. From 2011 until present the Republican-dominated House is responsible for nearly another $21 million of debt.
It is clear, both sides of the aisle are increasing the taxpayer burden. The Democrats are responsible for 2/3 of the increase and the GOP must hold claim to 1/3 of that increase.
From the Cornfield, it's time that all Americans let all lawmakers know it's time to cut off the national credit card and begin trimming the fat and living with our means.