It happened within the last hour. I noticed it posted on Drudge and then I looked at our National Debt Clock posted on the lower right side of this blog. Yup. $11T. I can't believe it has come to this. We have, what, 305 million people in America? And about half of us pay federal income taxes, leaving 152.5 million to pay the bill. And if you assume an average household size of 2.25, the national debt burden is $162,295 per federal tax paying household. This doesn't include federal taxes required to fund ongoing government operations. It doesn't include interest payments on the debt. It doesn't include any state or local taxes, and it doesn't include unfunded future liabilities in the form of entitlements.
To put this in a different perspective, consider this. The median home price in the United States was $180,000 by year-end 2008. So the national debt burden is now close to the median cost of a home, which most people finance with a 30-year mortgage. Obviously, federal tax paying households cannot handle a double-mortgage. So the debt will have to be deferred down the generations, with each generation chipping away at the block. Progress can only be made when the government stops borrowing, and there are no signs of that stopping right now.
The longer it takes to pay it off, the more expensive it becomes. In 2008, our interest payments were $500 billion, folks. It will be larger for 2009. So that means in two years, we will have shifted over $1 trillion of our resources away from productive means in order to pay interest on debt alone, all while the overall principle balance continues to increase because the government won't stop borrowing and spending. Is this sinking in, yet? Are you following me? It gets worse. We will...I guarandamnfuckingtee it...we will be printing money because investors, both national and international, are becoming increasingly wary of our economic health. And when we can't sell enough debt to fund the government's hunger, we are forced to monetize debt by printing more money. You know what happens after the money printing presses stop smoking? I-N-F-L-A-T-I-O-N!!
You wanna know why the government is frantic to generate new sources of revenue? Because it's running out of money!! Unemployment is on the rise. Business investment has plummeted. Trillions of dollars in wealth has disappeared within one year from the major stock exchanges. And the recession is spreading on a global scale. And all the government can think about is more government and the advancement of a sinister agenda aimed directly at our liberties. After the government has exhausted all external sources of income, it will be forced to fire up the printing presses at an unprecedented rate. And when that happens...lights out, New York, just like in Atlas Shrugged.
It's a roller coaster ride headed straight to Hell, and this ride doesn't have an emergency stop switch. It's a shitball rolling downhill faster and faster, engulfing everything in its path!! That's right! WE - ARE - FUCKED!!
We are so unbelievably fucked that I can't believe we have yet to take the streets with our fists clinched. Somebody, somewhere has got to do something! I don't know what that something is but I don't feel liable at all for this national debt. I didn't vote for it. I didn't ask for it. I haven't benefited from it, and I know it is morally wrong and economically unsustainable to sack our future generations with this debt. But we have nowhere to hide!
One day the piper will have to be paid, and the piper ain't very nice. We're talking China, Russia, OPEC, we got Communists crawling all over Central and South America...you name it. We have sold this country down the river with Satan manning the oars. Fuck you, Washington, DC. FUCK YOU TO HELL!!! So help me God I will avenge the sins the Baby Boomer generation has inflicted upon my generation and those behind me. You 1960s Communist rejects can kiss my mother fucking ass.