Think how terrible you would feel if your obstetrician told you your new baby had a birth defect that he or she would have to live with for life. As terrible as that would be, it only happens to a tiny fraction of children born in America.
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).
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This article was originally posted at www.ChristianFinancialConcepts.com
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