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Time Bomb: $18 Trillion and counting

The frequency in which America is flipping the first number to the National Debt is frightening. It took 206 years to reach the first trillion in 1981. There was some panic when the debt doubled again in 1985 to $2 trillion. It doubled again in 1992 and a third time in 2005 to reach $8 trillion.

Those were the good old days. America has added $10 trillion to that number since 2005 and it’s disturbing to think where we are headed.  So ask yourself, “How high can taxes go?”

The tax increases that are added to income, property, excise (sin) and sales taxes continue to rise – a little at a time – and yet there seems to be less money for our governments to work with at all levels. What could be worse? Well, there are bills coming due that are not included in the national debt. This ‘unfunded’ debt will occur in the future to pay for our aging population and currently looks like this: Social Security ($15 trillion), Prescription Drug ($20 trillion) and Medicare ($80 trillion) for a grand total of $115 trillion or approximately $ 1 million dollars per taxpayer. That’s every taxpayer.

“How high can taxes go?” That’s the question we should be asking our elected officials. We’re wasting precious time with the political bickering and finger pointing. Demand answers. Demand cooperation and communication. Otherwise, we will all find out how high taxes can go – much sooner than we think.

Mark Schuster

December 3, 2014

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