Sunday, October 12, 2008

You owe $500,000.00 to the US Government

With all the talk about the bank bailouts, I did some math. With the US government bailouts we are approaching 12 Trillion dollars in US debt. There are 116 million households in the US. That is over $100,000 dollars for every household in the United States. If we add expected Medicaid, Medicare and Social Security to it then it is around 60 Trillion Dollars. That is over $500,000 per household. Do you have that kind of money?

That is ten times the average household income of $50,223 (Aug. 28, 2008 census). That means the average family owes over ten times their annual income to the US government. How do they expect us to ever pay this off? Don’t you think we need to pay for socialized medicine too?

Total US Debt with Bailouts
$ 12,000,000,000,000
Number of US Households
$ 116,000,000
US Debt Per US Household
$ 103,448
Average US Household Income
$ 50,233

Including Medicaid, Medicare and SS
$ 60,000,000,000,000
Total US Debt Per US Household
$ 517,241

The problem is that they don’t have that money. They have to borrow it. A good portion of the money lent to the US comes from China. California is now asking the Federal Government for a loan because they can’t borrow money. I hope the US government can borrow the money, because no one else can. If that happens, will they be able to secure the money you have in the bank? Will it be the undoing of America as we know it?

We are now facing financial problems like we have never seen before. The Democrats and Republicans point the finger at each other, but neither party stopped it. All of them helped create these problems. These are the people we elected and were not willing to change it. But we keep reelecting them!

Is this truly about saving the economy? They have dumped Billions of dollars in it already and it hasn’t made the banks free up money. They had thousands of voters asking them not to pass the bailout. So they didn’t pass it, until they added another 110 billion in pork. Doesn’t that make us Americans we proud of them? Even as they were putting this bill into law, stocks were dropping. Yes, once again the government stepped in to save us! I’m sure they saved some of their rich campaign contributors (with our money), but there are no guarantees in it for you and me. What does your retirement account look like after they saved it?

Some day we will wake up to find ourselves out of a job and homeless. Maybe then we will make some real changes, but you need an address to register to vote. Of course the rich campaign contributors (with our money) will get to keep their homes, so our wonderful elected officials are safe.

If you pass this information along, make sure you include a letter to your congressman. To check my data, see the following links.