#SpendingIsTheProblem: What Could You Do With Your $52K Share of the National Debt?
In the nearly four years since Senate Democrats last passed a budget, government spending has driven our national debt up past $16 trillion (and rising). That’s more than $52,000 for every man, woman, and child. Our new infographic released this morning looks at just some of the things an average American could do with that money.
For example, you could …
- Put a down payment on a house, pay off a chunk of your mortgage, or have your rent covered for the next four years. At the end of 2012, the average home price was about $200,000 and the average monthly rent was $1,048.
- Pay off all your personal debts, including student loans, and live debt free. According to AOL’s Daily Finance, the average American has a personal debt of about $47,000. The average student loan debt is $23,000.
- Become your own boss by starting your own business. The Small Business Administration pegs the average cost of starting a new business at $30,000.
- Never worry again about money for back-to-school clothes and supplies. According to the Huffington Post, surveys show average back-to-school costs can range anywhere from $688.62 to $800 for a family of four.
- Pay for groceries every week for nearly 7 years. A Gallup survey found Americans spend an average of $151 per week on groceries. At that rate, you’d have almost seven years’ worth of grocery bills covered.
- Help your child pay for college – and avoid costly student loans by investing in a 529. A 2011 article in USA Today said 529s are a “superior way for most people to save for their children’s higher education.” At an average rate of interest, your share of the national debt – set aside for your baby today – could, in 18 years, be enough to cover the cost of a four year college degree.
- Start a rainy day fund and cover home maintenance costs for more than 25 years. MSN Real Estate says homeowners can assume maintenance costs “will come to about 1% of the property’s value — every year.” Your share of the national debt could cover more than 25 years of maintenance costs at that rate – a pretty nice rainy day fund.
- Treat yourself and buy NFL season tickets every year, for nearly 67 years. The average ticket price for 2012 was $78.38. At that price, for a 10 game package, you’re pretty much covered for season tickets for the rest of your life.
- Cover all car maintenance, gas, and insurance for five years. AAA says it costs $8,946 a year to own and operate an automobile in the United States. That means you’d have your fuel costs, insurance, maintenance, everything – all covered – for about five years.
- Donate to charity, and help those less fortunate or our wounded warriors and their families.
While our debt continues to grow, President Obama and Senate Democrats are demanding more tax hikes to fuel more ‘stimulus-style spending. That’s why Speaker John Boehner says we don’t need higher taxes — “It’s time to focus on the real problem here in Washington, and that is spending.”
Republicans voted twice to replace the president’s sequester with smarter spending cuts and reforms. And – for the third year in a row – the House will pass a budget that promotes economic growth and addresses our debt crisis. Now we need Senate Democrats and President Obama to do the same.