Originally posted by: Train
Originally posted by: NoShangriLa
Originally posted by: Train
Originally posted by: NoShangriLa
Originally posted by: Train
Originally posted by: NoShangriLa
Originally posted by: joshsquall
$700 billion is only $3500 per worker in the US.
Unfortunately, it is higher than you think. There are
https://www.cia.gov/library/pu...tbook/fields/2095.html">153.1 million (includes unemployed) (2007 est.)</a> indicates that roughtly $5879 per worker (include unemployed) in the US.
United States public debt -- Wikipedia
The US National Debt is greater than $10 trillions ($5.3 trillion is private debt), and additional liabilities of $59.1 trillion (Medicaid, Social Security, Medicare, veterans' pensions, and similar obligations).
The
total liability that the working public owe work out to be $69,100,000,000,000.00 or roughly
$451,338.99 per worker (include unemployed).
Just hope that this credit crunch doesn't wipe out much of the equity/investment/retirement fund that the US hold, because the total liability is staggering.
But figuring that 95% of the tax burden is held by 1% of the population, the median avg would only be about 20k, and since a lot of payments arent due yet (medicare pensions etc will be paid out many years into the future) an additional 20k from now until death is chump change for most taxpayers.
Grandfather Economic Report series
U.S. National Debt Clock FAQ
Erroneous logics like your that what got the US in the credit crunch that it is in at the present, and maybe over sights in the budget wouldn't get so out of hand if the US educational system put more emphasis on basic math skills.
It look like each US individual (include children) owe $32,716 of the federal tax (not include other incurred liabilities, which eventually have to be pay out as well).
Do you realize your still assuming the tax burden is spread equally across all taxpayers? Thats the biggest error of all in this thread. And kinda what I was getting at.
You do realize that the bottom half of the country pays no federal taxes? Come back when you know WTF you are talking about and stop throwing stupid numbers around.
Guess Who Really Pays the Taxes
Demographics of the United States
The bulk of the liability isn't pay by the top 1% or the bottom 50% of the income earner.
Extrapolate from the above links suggests that 84% of the national debt is pay by the middle & upper middle class that make between $33,000 to $250,000. It is indicated that roughtly 1/4 of the
working US population assuming 84% of the national debt or $112,000 each working middle-upper middle class.
$120,000 isn't exactly chump change for a person that make 250K per year, and it is quite a bit more than a few pennies for those that earn 33K per annum.
wtf is wrong with you?
from your own link:
The latest data show that a big portion of the federal income tax burden is shouldered by a small group of the very richest Americans. The wealthiest 1 percent of the population earn 19 percent of the income but pay 37 percent of the income tax. The top 10 percent pay 68 percent of the tab. Meanwhile, the bottom 50 percent?those below the median income level?now earn 13 percent of the income but pay just 3 percent of the taxes. These are proportions of the income tax alone and don?t include payroll taxes for Social Security and Medicare
While I was off by a few points the general idea I'm trying to get you to understand is very clear, and that is that the tax burden is not equally distributed across all taxpayers. From the above quote, the top 10 percent of the taxpayers pay ~23 times the bottom half. Using that, an avg person in the top 10 percent pays over 113 times the avg person in the bottom half. With that you can see (maybe) that dividing the national debt equally across all taxpayers is pretty stupid.
I agree that dividing the debt evenly to every person is not a good way to look at the debt obligations, nor dividing it evenly to only working folks. However the estimates are a good start because it does show that the bulk of the middle class (50% of the top income earner ? 1% of the top rich people) shoulder the cost.
Sorry my mistake on interpretation therefore the number are skewered; however it still indicated that the working middle class to the upper middle class ended up eating the bulk of the 10 trillions.
This 2 groups of people do not give a hoot about taxes:
1% are upper class that pay 37% of the tax portion.
50% of the bottom earner pay 3% of the tax portion (12-20% lower class + 32% working class)
37% + 3% = 40% of the contribution.
The group below pay the bulk of the taxes (income earner between 33K-250K per annum):
49% of the lower middle class to upper middle class pay 60% of the tax.
$10 trillion national debt * 60% = $6,000,000,000,000
Roughly 1/2 of the US citizens or aproximately150,000,000 people are employable.
150,000,000 * 50% = 75,000,000 people are employable middle class.
$6,000,000,000,000 * 75,000,000 = $80,000 national debt/per middle class person.
It is safe to say that every middle class person or most college graduated ATOTers owed roughly $80,000 portion of the national debt. And, it is very likely that this demographic group of people will also inherit the lion share of the unrealized portion of the $59.1 trillion in pension/medical/social obligations.
My initial calculation was way out to lunch, but $80,000 + a small portion of the $59.1 trillion debt is quite a bit more than chump change to anyone on this forum.
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