We will soon have about $56 trillion in unfunded public debt obligations. That is over $480,000 for the average family household. And the figure mounts every day our legislators hang around Washington.
That sounds worse when you figure that it is about ten times the average income of each household. What is more, the amount grows because it is a debt that accrues interest. Plus, the value of the dollar to pay debt back gets to be worth less as our obligations mount.
Furthermore, that interest on the debt is not going to remain at a few percentage points. With inflation, it may well triple or quadruple or go even higher.
These are facts about which our politicians would rather you remain in the dark.
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