Tuesday, August 24, 2010

Did anybody have a have a child in 2010?

I did.  And, according to the Congressional Budget Office, she's already in debt . . . big time . . . and its getting worse.  For full details, link here, but here are some lowlights:

The personal share of America's public debt for each child born this year is $29,178.00.

On their tenth birthdays, in 2020, their share of the debt will have risen to $49,694.00.

By the time most of them graduate from high school, in 2028, each of those children's debt share will be $80,650.00.

When these kids reach age 30, their share of the federal government's debt will be $166,500.00.

And, get this, "if government spending is not immediately restrained, our nation's public debt is projected to increase from $9.1 trillion in 2010 to $122.8 trillion by 2050.  As a result, when children born today reach 40 years old, their share of the U.S. public debt will be $279,738--an increase of 859 percent above what it is today.  For a family of four, the total household debt share would be approximately $1.119 million."

Sorry baby.

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