So on my other blog I just put up a couple of posts - Who holds the $14.3 trillion in outstanding U.S. debt? and How did the debt grow from $5.8 trillion in 2001 to its current $14.3 trillion?
So regardless of the argument of “well I never commissioned the government to overspend on my behalf” we all have reaped some level of benefit somewhere along the way from this overspending.
It has to stop; we are mortgaging our kids future and someone somewhere along the way is going to have to pay.
We need to start owning this. Just like a major bill like a mortgage on a house, we need to start a 20 or 30 year plan to service the debt away or at least to a marginally serviceable level like the debt we have in Wallingford which I consider to be responsible borrowing – taking advantage of low bond rates to spread out major purchases over many year so as to not hit the taxpayers all at once with a major bill.
So just as a point of reference here is what every person, man, woman and child of Wallingford effectively owes as debt to the town, state and country:
To Wallingford – $935.81 (Source)
To Connecticut – $4,859.00 (Source)
To the United States – $46,146.25 (Source)
Something else to think about.
The average estimated value of a home in Wallingford, CT was $237,035 in May 2010
The average family of four in Wallingford technically owes $207,764.24 based on all this debt as I have outlined it.
For my family of six that number is $311,646.36
These details should be sobering to everyone.
