The Virtual Vitamin

A Daily Dose of Insight and Common Sense

The Debt: A Personal Perspective

A family finances view of the National Debt… with a $50,000 annual income.

Their current debt would be $309,500, over 6 times their annual income.  Annual expenses would total $83,000, adding $33,000 to their debt every year.  9% of their income is simply paying the interest.  Stimulus and bailout spending would equal $135,000, all borrowed money.  Contractual liabilities such as an outstanding mortgage or vehicle agreements would total 2.6 million dollars, allocating $39,000 per year.  And they’ve just co-signed for a few of their neighbors’ new homes, debts of $323,000.  But the present looks rosy considering rising utility and health care costs in the near future.  Cutting 100 million out of the National Budget would be equivalent to $2.38 for the year.   It’s time to get our house in order.  I don’t think credit counseling is going to cut it.


May 15, 2010 Posted by | on Economics, on Government, on Politics | , , , , , , , , , | Leave a comment

National Debt is Un-American

It is depraved for a generation to deprive the next without leaving at least a clean slate. A generation should strive to leave the nation better than they received it. It is reprehensible that we are spending the taxes and revenue of the youth and even the unborn. Simply put, our National Debt is “Taxation without Representation”. Those under 18 and those not yet conceived do not have a vote or a voice. They will be enslaved with the responsibility of paying back the burden we are currently stacking up, or pass it down to their children. Every dime spent on the interest robs the country of better roads, schools, and personal savings, and leaves a poorer quality of life for the future. Some are willing to step up and defend their own rights, but few the rights of others. We are now at 12.9 trillion and counting. It is wrong to use our children’s future as collateral.

April 30, 2010 Posted by | on Government, on Politics, on Taxes | , , , , , , | Leave a comment