Home Economy Federal Debt Held by U.S. Citizens Now at Highest Level Since World...

Federal Debt Held by U.S. Citizens Now at Highest Level Since World War II

U.S. Treasury

This headline is not a surprise to the American citizens. This news is the very thing that prompted the voters to elect Donald Trump as the President of the United States.

This news is what has spawned the disruptive behavior that is taken place by the bureaucratic establishment in Washington D.C.  This also has spawned disruptive behavior in a segment of the population that has liberal views and thinks that our country should have a socialist government.

When you are in control of trillion of dollars by overtaxing the middle class majority, I think you must have delusions of grandeur. After all, spending someone else’s money lines your pockets and has no effect on your standard of living.

If these bureaucrats had to live on the income of the working middle class and retirees of this country they would make them join the world of reality.

For instance, when a friend of mine retired about ten years ago, his income was adequate to live at the level of his income from three jobs he held before retirement. But, in the last few years, inflation due to government over regulations and high taxes has eaten into his level of living.

What the politicos do no realize that when you get your bill after eating out and the taxes added would almost by another meal.

The federal government these bureaucrats should realize that the citizens in the U.S. pay local, county, and state taxes as well as federal taxes. They should take note of the U.S. states they that are going bankrupt because of the same policies the federal government practice.

According to The Washington Free Beacon:

Even though the government is collecting more taxes, it is still not enough revenue to compensate for the increased growth in government spending. Over the next 30 years, individual income tax receipts are projected to increase by 2 percent, increasing from 8.6 percent of GDP to 10.6 percent of GDP. Corporate income taxes are set to decline by only 0.1 percent over the next 30 years and payroll taxes are set to decline from 6 to 5.9 percent in 2047.