From Casey Research, ...
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And let’s not lose sight of the fact that this liability relates only to the government’s fiscal overhang, not the daily shakedown the taxpayer must endure to keep current with government’s steady appetite.
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On that front, the median income per capita in the U.S. is about $20,000, but 86.6% of all U.S. income taxes are paid by the top 25% of U.S. wage earners (those who earn more than $66,500 a year). Conservatively assuming that total federal, state, and local taxes come to 50% of the top quartile income, a person on the edge of that quartile – i.e., making just the $66,500 a year – would be left with just $33,250 to live on, but still owe their share of hundreds of thousands of dollars for the deficits and unfunded liabilities. With the government attached like a lamprey to the taxpayer’s income stream, is it any surprise that We the People rang up such massive amounts of personal debt? Or are in such rough shape to weather the current storm?
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Each new spending program, each new initiative, just makes the deficits that much more unpayable, and obligations that much more unbearable. As it stands, there is no other way for the debt to be paid than through outright default or inflation – with the latter being almost a certainty. As it unfolds, the purchasing power of the taxpayer’s $66,500 a year is going to melt away like ice in a warm Whiskey Sour.
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(as I've posted a short while ago, - inflation has already left the station, and should start coming into sight sometime next year)
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Here's a link to a site that tracks the cost of new legislation to each tax payer - sleep well.
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http://www.washingtonwatch.com/bills/greatest_cost/
