Tom Purcell, 9/18/2017 [Archive]

20 Trillion Reasons to Address National Debt Right Now

20 Trillion Reasons to Address National Debt Right Now

By Tom Purcell


"The federal government is how deep in debt?"

"Extremely deep. Last week, our country passed a regrettable milestone when we exceeded $20 trillion in debt."

"How the heck did we get ourselves into such a hole?"

"According to The Hill, last week's debt-limit increase and stopgap government funding bill resulted in one of the largest single-day debt increases in U.S. history. It was enough to push us beyond the $20 trillion mark."

"But haven't our politicians been borrowing big long before last week?"

"That's correct. Since 2002, our politicians have increased the debt nearly $14 trillion. We have been spending, on average, roughly $930 billion per year more than we have taken in in tax receipts."

"That's a lot of cabbage. The numbers are so big, they are hard for average folks to understand."

"TV reporter Jake Tapper explained our debt and spending in a manner that makes it easier to understand. By removing eight zeroes from the federal budget's $4.1 trillion total, he came up with a sum of $41,000, which is easier to comprehend."

"Go on."

"Well, let's say you're a typical American whose bills are $41,000 a year - mortgage, car payments, groceries and so on. Here's the problem: Though you're spending $41,000 annually, your income is only about $36,000. That means you're growing your debt by nearly $5,000 every year."

"I've had such years."

"To make matters worse, you're already accumulated $200,000 in debt - maxed-out credit cards, bank loans, things like that. How can you pay back all that debt when you're earning only $36,000 a year and spending $41,000 a year?"

"You probably can't."

"But matters are worse yet. Because interest rates have been incredibly low, servicing all of your debt is only costing you about $2,000 a year. When rates eventually return to historically normal levels, your debt service will jump to more than $8,000 a year!"

"Let me get this right. I'm already spending $5,000 more than I'm making. When interest rates reset to historically normal levels, my debt service costs jump up another $6,000. That means my total spending will jump from $41,000 to $47,000 - or $11,000 more than I earn?"

"That is correct. Our esteemed political leaders have been overspending for years. But to make matters even worse, the costs of government entitlement programs, such as Social Security and Medicare, are going to explode as the baby boom generation retires."

"That's not good."

"According to The Hill, each American's share of our $20 trillion debt totals $166,000! Unfunded liabilities, including Social Security and Medicare, total another $875,000 per taxpayer."

"You're telling me every one of us is on the hook for more than $1 million?"

"That is correct, and it doesn't bode well for our country's future."

"How so?"

"According to The Hill, the independent Congressional Research Service says that our 'debt eventually must be repaid, either through spending reductions, tax increases, or combination of the two, and may also generate crowding out that could reduce future economic productivity.' And 'massive accumulating debt provides more money for Congress to spend now, at the cost of economic growth and opportunity of future generations.'"

"So what do we do about it?"

"Americans need to wake up and become more knowledgeable about our country's insane spending and debt. We have to press our politicians to roll up their sleeves and tackle waste, fraud and duplication of effort in federal programs. We can't let them keep kicking the can down the road, or massive pain is just ahead."

--

©2017 Tom Purcell. Tom Purcell, author of "Misadventures of a 1970's Childhood" and "Wicked Is the Whiskey," a Sean McClanahan mystery novel, both available at Amazon.com, is a Pittsburgh Tribune-Review humor columnist and is nationally syndicated exclusively by Cagle Cartoons Inc. For info on using this column in your publication or website, contact Sales@cagle.com or call (805) 969-2829. Send comments to Tom at Tom@TomPurcell.com.



Download Tom Purcell's color photo - Download Tom Purcell's black and white mug shot photo
Why not run a cartoon with the column? We recommend the cartoons below as a good compliment to Tom Purcell's topic.
Click on the thumbnail images to preview and download the cartoons.

Related Cartoons

Trump Lesson
By: Rick McKee

September 7, 2017

Trump Lesson
By: Rick McKee

September 7, 2017

Debt Deal
By: Nate Beeler

September 11, 2017

Debt Clown
By: Nate Beeler

September 13, 2017

Debt Clown
By: Nate Beeler

September 13, 2017

Deficit Trimming
By: Nate Beeler

May 24, 2017

Deficit Trimming
By: Nate Beeler

May 24, 2017

Debt Deal
By: Nate Beeler

September 11, 2017

Madness of the National Debt
By: Taylor Jones

February 2, 2017
 

We do not accept and will not review unsolicited submissions from cartoonists.
Sales & Information: (805) 969-2829 sales@cagle.com
Billing Information: (805) 969-2829billing@cagle.com
Technical Support: support@cagle.com

FREE cartoons for your website if you're already a paying print subscriber!
Artwork and columns are copyrighted by each creator. All Rights Reserved. Unauthorized reproduction prohibited. [Privacy Policy]