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You owe $1 million !

Can you imagine getting a bill like this in the mail? Talk about sticker shock. Fortunately this will not occur – unless, of course, you are a tax payer.

According to the debt clock at the US Debt Clock the amount of liability that each taxpayer is responsible for today is $ 1,091,581.  That will increase to $ 1,235,147 by 2017.  These figures include the unfunded amounts for Medicare, Prescription Drugs and Social Security.  It doesn’t include the repayment of the national debt, now approaching $17 trillion.  The federal government is tacking on another trillion or so of debt each year.

For a clearer picture, and in terms more familiar to the average citizen, refer back to one of my earlier blogs – American Finances 101. America can’t seem to get through one week without a major confrontation at the Federal level. We voted for change. It is THAT change that is needed now. The future does not look as rosy when attention is focused on the numbers. THAT is where we should direct our fight.

Mark Schuster, Partner

May 17, 2013

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