Your Baby's Share of the National Debt
June 5, 2017
But believe it or not, EVERY baby born in 2016 inherited a terrible burden they will bear for life. If your baby was born in 2016, he or she already owed $42,537 of the National Debt. By the time they turn 18, their share of the National Debt will be $68,454. And when they are 34 they will owe $116,904.
We often hear on the news about the crushing student loan debt many graduates face. While they are desperately trying to figure out how to pay for an apartment and buy food on the meager salary of their first job, they also have to start paying back their student loans. When you add to that their share of the National Debt and their future looks bleak, indeed.
"But there's a big difference," you may say. “They have to actually pay back their student loans. They don't have to pay their share of the National Debt.” I wish that were true - but it is not.
They will pay. They will pay higher income and Social Security taxes. They will pay by their kids receiving a worse education than they had. They will pay when their car needs more repairs because of our crumbling highways. And they may pay with their lives if the government manages to get control of health care and starts rationing it (as happens in every nation with government health care).
What do all these problems (and hundreds of others) have to do with the National Debt? Here’s the equation: Higher National Debt = Higher Interest on the Debt = Higher taxes = Less Money for the Government to Spend on its Proper Functions (like the national defense and repairing critical infrastructure such as unsafe bridges).
If you’d like to learn more about what I call The Cancer of Inflation, take advantage of the hundreds of videos and articles available at www.ChristianFinancialConcepts.com. You can also Subscribe there and received invitations to our free weekly Financial Education Webinars.
Dr. Tom is a pastor, teacher, author, conference speaker and marketplace minister. He has been ordained for over 40 years, and has pastored in seven churches since then. Today he pastors pastors as he oversees ordained and licensed ministers in Southeast Florida for his ministerial fellowship. He speaks internationally concerning Biblical finance in churches, conferences, colleges and financial events. His passion is teaching, as you can see from this website, his business site (www.GoldenArtTreasures.com) and his patriotic site (www.ConservativeTruth.org).
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