by Warner Todd Huston | September 5, 2011 12:31 pm
Thanks to the profligate spending in Washington D.C., each American citizen’s share of the debt is now up to $31, 871, as you can see by the chart below…
But that is nothing compared to where it will be in just a few short years. As the chart shows if things continue the way they are now, by 2032 each American’s share of the debt will soar to over $100,000. And by 2050 each American’s burden will be closing in on $300,000.
These are the result of Washington’s drunken spending sprees and the unfunded mandated spending that politicians continue to push. Without entitlement reform and a way to cut spending, the United States of America will default. There simply is no way to maintain these wild levels of spending.
This chart can be found in the Heritage Foundation’s 2011 Budget Book which features charts on federal spending, revenue, debt and deficits, and entitlement programs.
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