We no longer have debtor’s prisons, but I have to wonder what happens when an entire nation becomes a debtor’s prison?
(CNSNews.com) – Under President Barack Obama, the federal government’s debt has increased by an amount per household that exceeds the annual median household income.
Since Obama’s first inauguration on Jan. 20, 2009, the federal debt has climbed $6,167,472,778,984.22. That equals about $53,616 for each of the 115,031,000 households the Census Bureau currently estimates are in the country.
By contrast, the Census Bureau’s most recent estimate of the median household income was $50,502 (for 2011).
If the federal government increased taxes sufficiently to confiscate the median household income of every household, it would only take in $5,809,295,562,000.
That $5,809,295,562,000 tax increase would not be enough to pay back the $6,167,472,778,984.22 Obama has borrowed so far on the credit of American taxpayers.
On Jan. 20, 2009, when Obama first took the oath of office, the federal debt was $10,626,877,048,913.08, according to the U.S. Treasury. At the close of business on April 25, 2013, it was $16,794,349,827,897.30.
That says it all and we are far from done. The redistribution engine is moving full steam ahead. The United States is becoming a debtor’s prison for its own citizens in which citizenship is debt.
Welcome to Debtor Nation. Hope and not even change left.