What The Reagan/Bush Debt Means To You

December 8, 2007
What The Reagan/Bush Debt Means To You

As I write this, the U.S. national debt is about $9.17 TRILLION dollars. This debt is the amount we have borrowed to pay for our government since the Reagan tax cuts -- compounded by the Bush tax cuts. This is because of a choice we made -- yes, I say WE, because this government is US -- to borrow and pay later instead of pay now.

Don't for a minute think that you do not owe that money. It comes to about $30,000 for each American, including infants. If you are a family of four you now owe about $120,000 thanks to those tax cuts. YOU owe this money, even though the tax cuts have primarily gone to the very rich. You WILL be paying it, one way or another. Don't think that debt like that just goes away.