The national debt is currently upwards of $12 trillion. That’s a lot of money. Measured against an estimated GDP of $14.27 trillion, that’s about 88%. But what does that mean for the average American family?
According to the Census Bureau, the average household income for 2008 was $52,029. Thus, if the national debt were distributed evenly among all of us, the average family would owe about $46,000, or the price of a luxury car, on top of all their existing property, personal debt, and taxes. However, our average family would not get to enjoy the luxury car they are paying for, but rather, the car would be the property of the citizens, banks, and foreign nations that own our debt.
On top of this, President Obama and the Democrat-controlled Congress spent an astounding $1.2 trillion that we didn’t have in 2009. For our average family, still paying taxes and making payments on all of their personal debts, this would be like buying two and a half cases of Dom Perignon Champagne at the wholesale price of $150 a bottle on credit and sending it to the Treasury Department as a thank you for taking care of the luxury car they never get to drive.