Do you realize that if our government nationalized every last cent of private wealth that has been accumulated by America’s citizens since our nation’s founding, the government would still be bankrupt? Our national debt would not be paid off.
This year, the federal deficit will be in excess of $1.6 trillion, which represents overspending of more than $4,380,000,000.00 ($4.38 billion) per day. The Obama Administration projects an increase in our debt of another $10 trillion by 2020 and their projections will most likely be on the low side.
Think about this – if you printed a dollar every second, of every day, of every week, of every month and of every year, without stopping for even 1 second, it would only take you 50,702 years to pay of that measly $1.3 trillion dollar one-year deficit. One of my favorite writers, the Mogambo Guru puts it this way – “we’re all doomed!” Jim Sinclair says “the geeks have killed us all, the fat lady has sung.”
If that does not paint a clear picture, perhaps this will graphic by Paul Alvord for CNBC.com, will.
Even though the national debt figure used below is almost 2 trillion short of what it is today, I think the point is well made.