Does President Obama's Budget Strike the Right Balance?

Obama's plan will raise the total national debt to about 20 trillion dollars by 2016. If we assume that they average family has 4 total people (adults and children) then evenly distributing the debt over each family means each familiy's share of the debt is about $250,000. To pay that off over the next thirty years (assumung a 6 % interest rate) means that each family in America would have to pay $1500 per month each month for the next thirty years.

Simply put, each family would have to pay an additional $1500 per month in taxes for the next thirty years to eliminate the debt. That's what 20 trillion in debt really means. We are placing an unsustainable burden on future generations to satisfy our society's unreasonable expectations regarding what government can really afford to do. EVERYONE is going to have to make due with less from the government. MOST of us will have to pay higher taxes to keep the entitlements we have now. I wish the politicians on both sides would stop lying and start fixing the mess thay have gotten us into.

Bob of TX 12:17PM February 15, 2011