Here’s something to think about over the weekend if you don’t want to be too relaxed. Sen. Jeff Sessions (R-Ala.), ranking member of the Senate Budget Committee, published a riveting chart (below) that precisely calculates America’s debt on a per capita basis. Currently, every American is $44,215 in debt.
Obviously, that number grows by the second.
But a per capita calculation only tells part of the story. Only a fraction of our population actually pays federal income taxes. In 2009, there were 138 million taxpayers out of the total U.S. population of 305 million. That means that we’ve actually put a debt load of $97,734 on each American taxpayer. If you make more than $66,183 per year, you are considered in the top 25% of earners in the United States, who, as a group, pay 87 percent of the total tax revenue. The debt load on each of these earners is a whopping $341,288 per taxpayer. The closer you look, the worse it gets. There is no chance that this debt will be paid off by the current generation. Where is the outrage? Where is the panic to do something?
These facts should be part of the economic fairness debate we’re having in America. The left wants to talk about income inequality, but the more serious problem is our debt inequality. There is no justice in the debt burden we have placed on ourselves and our grandkids. Never have so few owed so much.