I've been watching the National Debt Clock for over a year. As the year has progressed a few interesting things have happened.
When I first began watching the clock, we were borrowing approx. $1.35 Billion a DAY, or about $492 Billion a YEAR. Since then, I have watched as the total amount being borrowed has increased.
Even more troubling than this is the rate at which we are borrowing money. It has been like watching a tire roll down a hill. Picking up speed as it goes. The amount has been increasing more rapidly each day.
Approximately 6 months into watching the clock, the amount being borrowed on a daily basis increased to approx $1.6 Billion a DAY, or about $584 Billion a YEAR. About a month ago the amount had risen to $1.95 Billion per DAY or $711 billion a YEAR. Immediately after the "bail out bill" the numbers sky rocketed to $3.18 Billion per DAY, or $1.16 TRILLION per YEAR. Currently our national debt has increased to a staggering $3.45 Billion per DAY or $1.3 Trillion per YEAR.
"They" tell us not to worry about this debt; that during WWII the amount, in respect to the GDP, was much higher; that we can grow our way out of this mess. To me that is like saying a fairy will come along and miraculously make it disappear.
My Hero (David Walker) has estimated that it would take double digit growth for the next 75 years to pay off this debt, which ain't gonna happen. Even during good times the growth rate has never approached the rate needed. There aren't any plans to stop borrowing this money, decrease the rate at which it is increasing, or to pay it off.
Unless something is done, the national debt will approach $60 TRILLION in the next 30 years or so and that is only with a constant rate of increase. As I've watched, the increase has been more exponential than linear.
Currently you, and every member of your family, owe $33,922.61 on this debt. This number is also increasing daily.
It seems we are on a never ending roller coaster ride. Unfortunately it is all down hill. This may be the scariest ride of all times. HOLD ON TIGHT....
Would someone please explain to me, how we aren't totally screwed ???