All posts tagged: US

58 | 4 Rs for 4 Countries

In this podcast, Wayne Johnston recounts on how God recently gave him four single words that began with the letter R for four countries while he was out buying dog food.

Pier 14, San Francisco Photo: Thomas Hawk/Flickr/Creative Commons

US government debt passes $19,000,000,000,000

On June 2, 2016, the debt of the American federal government was $19.2 trillion ($19,229,279,536,522). According to justfacts.com, that works out to over $59,400 for every person living in the US or $154,300 for every American household. At some point, this debt must be paid and this means future taxpayers will be called to account either through significant reductions in services, higher taxes or probably both. You can control your own destiny or do it Greek style when your debtors call the shots. I love the video below because it explains how government debt simply passes on the responsibility for excessive spending to the next generation. In order to pay down its $19 trillion debt, the US federal government must first get rid of its yearly deficit. Deficits represent any shortfall between revenues and spending on a yearly basis. Debt is simply the total accumulated deficits. Unfortunately, the US government is in no hurry to deal with its yearly shortfall, as its deficit in 2015 was $439 billion. Though it has been going down over the …