Another Budget Shutdown Looms

Another budget shutdown looms. In 2021, our national debt was $28 trillion, it is now over $34 trillion. About 2/3 of the people who file income taxes actually pay taxes so that’s about 112 million people that now are responsible for the national debt. That leaves each one of those taxpayers now responsible for $304,000. Let’s say we set aside 5% of the taxpayers average annual payment ($20,663) to pay down the debt. That way, we could pay off the debt in just 294 years. 

Read the full piece on my Substack here.