Clock ticking, money wasting
Well, it’s late Monday morning and according to the U.S. National Debt Clock the country is in hock to the tune of $22,567,766,958,481. That’s our official national debt.
For those of you who are comma-challenged, that’s about 22 trillion, 567 billion dollars. And, just in the time it took us to write those two sentences, it went up several more million dollars.
Perhaps we should learn to type faster.
The website that hosts the debt clock (www.usdebtclock.org/) notes:
• Since there are around 320 million folks in the U.S., each one of us owes about $70,524. That was Monday. By the time you read this, you’ll owe more.
• Now just since we started writing an annual editorial about the national debt in 2013, the debt has increased by almost $7 trillion. Back then it was a paltry $16,968,054,960.
Thanks to last year’s tax cut, trillion dollar deficits per year are forecast for the indefinite future starting in FY 2019. The government announced last week that this year’s deficit will be just over $1.1 trillion.
It is interesting to note that the annual budget deficit has more than doubled over the last two years. The tax cuts delivered in 2017 played the major role in that spike.
Meanwhile, we are engaged in trade wars that are adding significant costs in the forms of tariffs to goods manufactured overseas. Despite what you may have been told by politicians, those tariffs are paid by consumers purchasing those products, not the company manufacturing them or their country of origin.
By the way, the national debt went up another $44 million while we were writing these last three paragraphs. Let’s see, your share of that is . . . oh, never mind. You can’t afford it anyway.
* Editorials reflect the opinion of the publisher.