According to the U.S. Debt Clock, at the time I viewed it, the federal debt was $18.47 trillion. To those of you uninterested in economics, quit reading. To those wanting to understand what this means, read on.

At the time I looked (10/15), the following figures were displayed:

Debt per person: $57,200

Debt per taxpayer: $154,500

Medicare spending: $992.3 billion

Social Security: $883.2 billion

Defense: $583.2 billion

Interest on Debt: $219.7 billion

Budget Deficit: $435.1 billion (this is what is spent this year above what is budgeted from incoming tax revenue)

As of Oct. 15, each person in the United States owes $57,200 to just pay off the $18.47 trillion in debt. That’s in addition to what it takes for transportation, medical expenses, living expenses, education expenses, etc . You, my friend, are broke when you enter the world, and it goes downhill from there. The really sad thing it is a never ending burden, accumulating more every minute, every hour, every day, every week, every month, and every year.

What accounts for this debt and deficits? Too much spending! Democrats would say too little collected in tax revenue. You can spend less and save more or spend more and raise taxes – one is going to help, the other is going to pile on more debt. What Democrats and Socialists don’t understand is the inverse ratio of taxation. The more you penalize something, the less you’ll get.

Example: The Democrats once had the bright idea to up the taxes 10% on luxury pleasure watercraft to tax the rich. What happened, the rich being rich, but not stupid or give away money to the government, either bought luxury watercraft overseas, bought pre-owned, or held off on the purchase. In turn, many luxury watercraft manufacturers suffered, laying off personnel or declaring bankruptcy and closing the doors. They lost more revenue than they ever generated with this “brain fart” of an idea.

What does your family do if you lose your job? Spend more or spend less? Most rational people spend less, ration more, and try to get another job. If you are an idiot, you do just the opposite.

Well, the country has been led for some time by both Democrat and Republicans (and a few Independents) with the results listed above – massive debt and deficits. Why, because they are stupid? No, they are all very smart in book learning, most are the very educated. However, “book learning” isn’t just in lawyering, as most in congress are failed lawyers. They fail to study economics and how human behavior ties into economic activity. Don’t they care? No, they care very much, enough to spend other people’s money on other people besides themselves (and maybe some on themselves?).

There are only four ways to spend money:

• Your Money on You. In this case, you watch your budget and only buy those things you deem necessary.
• Your Money on Others. Buying gifts, being generous with your money to others and giving to charity.
• Others Money on You. Using the company credit card on a business trip. You only buy what is necessary because you will have to answer for excessive purchases.

And the worst and most wasteful of all:

• Others Money on Others. Hey, it’s not your money, what do you care if you rack up the bill? This is the root of our problem. Both political parties trying to outdo each other to buy votes or influence in the form of spending bills for everything. They think “it’s not my money, it’s funny money, so spend it.” They forget it’s our money.

It is imperative we elect politicians to handle OUR MONEY with fiduciary responsibility, handling like it is their money they are spending. Being stingy with every cent and only spending on what is needed, not what is desired or will further their political future. Our economy will go through a downturn because we didn’t take our medicine in 2002 or 2008 and let those companies being irresponsible with their expenditures and investments to declare bankruptcy and their assets sold off to satisfy debt holders. GM was in dire straits and the government bailed them out – they told the bondholders they weren’t getting anything, gave the pension to the UAW to handle, and GM still had to declare bankruptcy and have been paying off debt ever since.

There are no more “silver bullets,” we are broke and the QE (quantitative easing – printing money) can no longer take the place of responsible budgeting and spending. I don’t see us missing the pain of a downturn in the economy, it is needed. I just hope the government lets the pain sink in and not do anything stupid to compound the problems like they have with the banking industry, government college loans, funding housing with 5% down, and consumer debt interest (make it higher to discourage the use of extended credit ( paying a portion each month) instead of paying total amount monthly).

As I tell the esteemed author of this “rag” (his word, not mine), the federal government is the problem, not the people. Get the federal government out of the “gimme” business, and strangle the revenue stream to the government to allow enough for national defense and interstate commerce. All other activities belong in the states to administer for their citizens. The federal government is too big, too stupid, and too willing to spend money it doesn’t earn, doesn’t need, and shouldn’t have.

I wonder what the original authors and signers of the U.S. Constitution would say if they saw the country as it is economically today? I’m sure they would be bitterly disappointed.

The rotting of America from within continues …