Recently, a very interesting video popped up on YouTube that illustrates just what a trillion dollars looks like. You never realize just how much the government is talking about when they say the public debt of the United States is over $11 trillion until you have been given an illustration that drills into your head that $1 trillion is actually $1,000 billion. $1,000 billion! And our nation owes over $11 trillion? Yikes!
Take a look at this video:
What’s crazy is that we are rarely given true insight into what the debt means to us – the everyday citizen. No one really takes time to illustrate just how real the debt is, partially because no matter how far we sink in the hole, more valueless money gets printed. But the debt does have true repercussions for each person in the country.
For one, a larger debt means that government agencies will be spending more time trying to recoup the money anyway they can. This is true of the IRS, which notes that it intends to get tighter with audits since it estimates that it overlooks $345 billion in taxes each year. But that’s not the only problem you may run into. Taxes all across the board may increase over time to try to straighten out this debt. In other words, whether you created the problem or not, you’re most likely going to be held responsible for it.
So how much do individuals really owe of this monstrous debt? Well, according to Brillig.com, we owe roughly $38,000 per person. Now of course this doesn’t mean someone’s going to come knocking on your door tomorrow to take the money you owe. However, it does mean that you may want to begin saving and preparing for the taxes that may increase to cover the debt.
If you can find stable, short- and long-term investment opportunities to take advantage of alongside one or more good high-yield savings accounts, you may be able to emerge from the onslaught of tax hikes that may hit us soon enough without too many scratches. You want to make sure that you also put away as much as you can for retirement. It’s just too soon to say what the nation’s financial future will hold, so it’s up to you to secure the futures of you and your family.
To start budgeting and saving money here is a list of recommended articles that can help you to save money:
- 5 Smart Ways to Establish Emergency Funds
- Save Big With Big Bills
- How to Live on a Budget and Save More Money
- 7 Ways to Go Green and Save Green
- 10 Things Your Parents Forgot to Teach You About Saving Money
- Establishing an Emergency Savings Fund
- 5 Extreme Ways to Save Money
- 8 Steps to Prepare for a Layoff
- Ways to Save Money on Low Income
- Simple Tips for Building Wealth