“Blessed are the young, for they shall inherit the national debt.” -Herbert Hoover
Imagine your friend makes $28,000 a year, but he or she is spending $38,000 a year, taking up loans and racking up credit card debt to the tune of $167,000. They don’t have a plan to get a better job, a retirement plan, nor any way to pay the bills. You would say your friend is being irresponsible, right? They have a problem, and a big one.
That’s exactly what our federal government is doing, with our money.
Over the past 12 years, the United States national debt has increased from under $6 trillion to over $16 trillion. If you break that down by taxpayer, it’s almost $150,000 per taxpayer. Over the past few years, the government has spent $1 trillion more than it has collected in taxes, each year.
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