Debt Is A Big Thing

On top of personal debt for a mortgage, credit cards, auto loans, etc., the additional debt of each and every U.S. taxpayer, as measured by the National Debt Clock, tops $118,000 per person. U.S. Debt

Add that amount to a study by the New York Times in 2008 comparing personal debt with a declining level of personal savings. According to the study the average annual savings per Main Street USA household in 1923 was $5,533 versus $6,219 in debt. By 2008, savings slipped to $392 versus $117,951 in total household debt.

The Bureau of Labor Statistics calculates the median earnings for all occupations (130,647,610 people) at just over $43,000 (data from May 2009). Statistics Here

It does not take a rocket scientist to calculate the fact that too much debt is not a good thing.

Yet, the U.S. budget deficit for April 2010 was $82.69 Billion, nearly four times the amount of one year prior. And, April became the 19th straight month of deficit spending, the longest such streak on record.

Will those on and in Capitol Hill reverse this trend?

The time of blaming deficit spending on other people is over. No one was elected to sit in their high-back chair, or appear in front of the news media, and blame others for our collective problems.

People are elected to perform a job. Nowhere, in any job description of any elected public official, nor any public employee for that matter, contains the clause to use deficit spending as an out.

However, that is exactly what is happening and has been for quite some time. Some of that blame (this deserves a study) undoubtedly has come about with the increase in size and scope of government and the public sector, in general.

Consider that the current administration and group of self-annointed we-know-better-than-you politicians continue to push for more government, more erosion of personal and civil rights and liberties.

Wake up America!

Over For Now.

Main Street One