Federal Government Borrowed $1,452.38 For Every Employed Person In America – During October Alone

Number of employed people in America: 140,025,000

Federal government debt accrued during the month of October: $203,368,715,583.63

Your share of that debt (assuming you work for a living): $1,452.38

Praise Mao.



In other news, America’s debt is now greater than its GDP.

Unemployed people are still part of the population and also have that debt on them.
Wealth fare at least keeps the economy rolling and what they spend keeps jobs in place.

reply to post by mnemeth1


What better way to keep the slave train rolling. The top 1% are assured their status as masters of the universe for the next several generations, as long as we go along with this. Federal income taxes will rise and the masses will continue to pay for their own slavery, and continue to complain along the way.

I wonder what would happen if we all decided to stop paying debt that we did not incur?

Your looking at the end result of thirty years of trickle down economics. Maybe if people had jobs they could pay some taxes.
I thought that was how it was supposed to work, give all the economic incentives to the " job creators", well they've got all the money? Where's the jobs? If you want to talk about budget deficits look at how they've skyrocketed ever since they started this crap.

reply to post by jlv70


People don't need to pay taxes, the government has a printing press and it is using it to destroy the economy.

The economic destruction is the same whether the government taxed everyone to support its spending or simply prints up the money to support its spending.

There is no difference between taxation or the printing of money.

Originally posted by User8911
Unemployed people are still part of the population and also have that debt on them.
Wealth fare at least keeps the economy rolling and what they spend keeps jobs in place.

Unemployed people, people who work for the government and people on government subsidies, such as social security, effectively don't pay taxes. Hence, they bear no responsibility for paying off any portion of that debt that the government is accruing.

Out of that 140 million people, I should also deduct about 20 million government workers which I didn't bother to do.

Originally posted by Witness2008
reply to post by mnemeth1

 

I wonder what would happen if we all decided to stop paying debt that we did not incur?

The world would reject our money, since they are the ones who are funding the wealth transfer by buying our debt.

Basically this is happening right now anyways.

So to answer your question, hyper-inflation is what would happen if we decided to stop paying. The US would be forced to produce all of its own products and services since no one would sell us anything for worthless dollars. This will happen anyways, since the government has decided to "print" the extra money it needs to cover the difference between its spending and the amount of money that foreign governments are willing to lend us.

Either way, the US government is going to collapse soon.

Inflation rates have remained relatively stable, despite credit rating glitches people are still buying bonds. Blue chip companies are in the black, the stock market has been on a gradual upward trajectory since the 2008 crash. Technically we are not in a recession.
That is the reality for some of America, where I live there is double digit unemployment and housing prices have completely tanked. It's an economic wasteland.
It's a Tale Of Two Cities all over again. It's a big country but I don't know if it's big enough to handle this.

reply to post by mnemeth1


I think that Americans producing goods and services for Americans would be a very good thing. I see all of this as a positive but painful step in the right direction. I pray that the Greeks reject further slavery for the generations to come.

Originally posted by jlv70
Inflation rates have remained relatively stable, despite credit rating glitches

Apparently you don't do your own shopping or drive a car.

Originally posted by Witness2008
reply to post by mnemeth1

 

I think that Americans producing goods and services for Americans would be a very good thing. I see all of this as a positive but painful step in the right direction. I pray that the Greeks reject further slavery for the generations to come.

Indeed it would be a good thing. However, this market adjustment isn't going to be a calm and peaceful transition away from socialism, it will be a decent into chaos like the collapse of the Soviet Union.

This nation will undergo the same kind of trauma in the near future as the State collapses from its looting.

reply to post by mnemeth1


In the past 11 years inflation has ranged from approximately 1 to 5.6%. In Sept 2011 it was at 3.87%.
Source:inflationdata.com...
It is going up but only marginally.
The fact that wages have remained stagnant is the real problem.

Originally posted by jlv70
reply to post by mnemeth1

 

In the past 11 years inflation has ranged from approximately 1 to 5.6%. In Sept 2011 it was at 3.87%.
Source:inflationdata.com...
It is going up but only marginally.
The fact that wages have remained stagnant is the real problem.

edit on 3-11-2011 by jlv70 because: typo

ORLY?

CPI as if it were calculated using the methodologies in place in 1980.



Anyone who argues that CPI has hovered below 6% obviously does not drive a car, eat, go to college, get medical care, or live under a roof.

Go ask some people who are living on a fixed income if they agree with your assessment of a

If you look at the consumer price index it is going up this year quite a bit 220 in January to 226 in September.It's averaged a change of a little over 4 a year since 2000. High being around 8 in 2007/2008, low being -1 2008/2009.
These numbers are all approximate, close enough for what we're discussing.
Source:inflationdata.com...
These numbers aren't good, but they're not terrible.
The problem,in my opinion, is when the prices of goods and services keep pace with inflation but wages don't. A look at where the supply and demand curves intersect in today's labor market tells you all you need to know as to why wages haven't kept pace with inflation.
Yes I live in the same world you do, my dollar doesn't go any further than yours, I see it too.
My heart goes out to all the people out there on fixed incomes I know Social Security didn't issue a COLA last year.

Originally posted by jlv70
The problem,in my opinion, is when the prices of goods and services keep pace with inflation but wages don't.

Perhaps we should stop the government from printing money so that there is no more inflation?


Just a thought.

I don't know how we'll ever get that genie back in the bottle, but I'll agree with you on that one.

reply to post by mnemeth1


I do not know where you got your math degree, but let us actually do the numbers shall we?

US debt is actually $100 Trillion
US actual working folk is 140 Million


$100 Trillion/140 Million is=$714,000 per person

How is that original number working for everyone? I have run this one 3 times and have not come across a different number. Now, should we use the normal one, our basic debt on our liability? $15 Trillion/ 140 million=$107,000 per taxpayer!

So no matter how we deal with it, we are screwed!

reply to post by LIGHTvsDARK

Number of employed people in America: 140,025,000

Federal government debt accrued during the month of October:
$203,368,715,583.63
Your share of that debt (assuming you work for a living): $1,452.38

To quote the OP.. This is just based on October accruals vs people paying taxes on payroll earned. Yes, it understates the number a bit, but even understanded, the number is insane.