The problem with us obsessing about the national debt is that this flap detracts us from the FAR larger TOTAL government debt and unfunded liability obligations. By normal human being standards, the $14.5+ trillion national debt is unimaginably huge. As of 5 August, the constantly growing per citizen obligation for that debt comes to $46,844.12 – according to the National Debt Clock. http://www.brillig.com/debt_clock/

The average number of people in an American “household” (defined as people living together) is 2.11. http://www.census.gov/newsroom/releases/archives/2010_census/cb11-cn132.html Hence the per household piece of the official national debt is $98,924.49.

But according to an April 2011 USA TODAY article, the TOTAL per U.S. household debt owed to governments is now $531,472 – the household’s piece of the estimated $61.7 trillion U.S. federal, state and local government debt/liability obligation. At 5% interest, the household bill is $26,573.60. EVERY year — foolishly assuming zero future… Read More