Weird title huh? It's not how we usually envision The United States. With our constant obsession with taking out loans and our country as a whole living off credit, it is not a hard concept to grasp.
As of this writing, the United States Outstanding Public Debt is current just over $16.16 trillion dollars. Given this number, it is estimated that every person in the United States, children and seniors included, is in debt ~$51,000. That number applies to every single US citizen. Now, I hate to say it this way, but this is not the case in third world countries or countries that we consider ourselves "better" than. We may have a high quality of life, but we haven't even fully paid for it yet.
Keep in mind, there is no single country that owes as much money as we do. We have only been an official country since 1776 and yet somehow have amassed a debt that is greater than any of us can imagine. We need to start living within our means rather than constantly trying to pretend we are something that we are not. There is no reason for it.
Imagine a world in which you do not take out auto loans, mortgages, student loans or any other type of loan that requires you to pay a substantial amount of interest. Everything you bought would be actually yours. You wouldn't owe money to the bank or to a private institution. No stress about a credit score. Credit cards would be a thing of the past.
This, unfortunately, would force Americans to do the one thing they hate the most. They would have to.... DUN DUN DUN..... WAIT to buy things! The money would have to be earned before they could buy whatever it was they wanted. Scary thought.
Maybe one day things will change. Something drastic would have to happen due to the fact that we are pretty set in our ways. Not to mention, creditors could stand to lose a substantial amount of money, and I don't think they are willing to go away without a fight.
No comments:
Post a Comment