The bottom line, when all debts were totaled up to the moment I pulled the image, total debt per family was $888,779 and growing. In addition, it can only last as long as there are those willing to extend you credit.īut that $187,388 is only what is currently due, additionally, there are unfunded liabilities for social programs (SS and Medicare) that total $386,394, unfunded state pension liabilities of $20,884, to mention a few more. This might be OK for a little while, but if this behavior becomes chronic, you will go bankrupt. To put this into perspective, it would be like you spending more than your gross (before taxes and deductions) paycheck and funding the deficit with credit cards. Not only that, but the government is spending so much more than current tax revenues, that deficit spending is back to the crisis levels last seen in 2013 and debt-to-GDP (Debt to all the money that flows through the economy) is at historically high levels. At the time I pulled the images, the current debt per taxpayer was $187,388. What does not come in from current tax revenues, gets funded with debt that is supposed to be paid with future revenues. It does, because politicians are spending your money and they tax you to generate the revenue to pay those obligations. When people hear about US national debt, they aren’t sure why that matters to them. While all the information held here tells an important story, I’ve broken out key areas for our review. For clarity, unfunded refers to obligations that do not have sufficient funds set aside to pay the debt.įurther, to understand the calculations behind those rapidly rising numbers, just put your cursor over any cell and the definition appears at the top of the page where the US Debt Clock banner sits. To help you understand what you’re looking at, they’ve broken their clock into sections that cover debt, revenues, key budget items, unfunded debt/interest, money creation, trade, assets and unfunded liabilities. Have more questions that need to get answered? Call: 84 I’d also like to say that there may be some different ways to approach some of the fields shown in the debt clock, but they all still point to the same ugly truth, that the end of the current debt based system grows nearer every day. But these numbers are telling a very important story and you could think of them as a countdown to the explosion of the debt bomb we are all sitting on. It’s no wonder with all those rapidly spinning numbers. I frequently get questions about the numbers revealed by the US Debt Clock.
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