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Originally posted by allenidaho
Well lets see here. The current national debt is around 14.5 TRILLION dollars. And with an estimated national population of approximately 312 million people, every single US citizen currently owes $46,730 according to the National Debt Clock. However, all those who actually pay their taxes actually owe $130,290 each.
See the current national debt here:
However, every year the federal tax revenue is 2.2 Trillion dollars. Where does that money go? Why can that not be paid off toward the debt? You pay 1 trillion a year, you are done in 15 years. You pay 2 trillion a year, you are paid off in 7-8 years. Why can't that money be used on the national debt until the debt is gone?
Additionally, what about all those countries that owe the US money? At what point do they start making payments?