Few people know the facts on America's current economic situation.

The National Debt is by any stretch of the imagination, staggering. Currently, every man, woman, and child in America owes 12 trillion doallrs. That is 12 followed by 12 zeros. It's very hard for the average mind to comphrehend this staggering number. In the next 10 years, that number is projected to become 22 Trillion or higher, almost doubling.

12 Trillion doallrs national debt at 4% interest = $480 billion/300,000,000 Americans = $6400 dollars paid by a family of 4, every year on just the interest alone and the debt goes up every year. There is no principle paid on the debt the way you would pay down the principle on your mortgage.

In 2020, if the deficit is lucky enough to be just 22 trillion (which is the conservative estimate the 22 trillion at 4% (modest return) = $880 billion/300,000,000 Americans = $11,800 (rounded) paid by a family of 4, every year.

What we all know is that 50% of working Americans pay almost all the taxes that in turn pay the interest on the debt, which means they shoulder the burden of interest on the debt, paid out of their pockets. However, the burden is returned to the 50% of Americans who do not pay those taxes, in the form of higher prices and stagnant or as in the case these days, lower wages, and unemployment.  read more »