America's National Debt

Monday, July 16, 2012 (All day)

Understanding the national debt at the individual level.

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[Darris McNeely] A few days ago we did a daily to talk about the debt in the European Euro crisis and how Germany was interacting with all the countries over there. We used the comparison of a credit card and a debit card to illustrate the strength of the problem over there. We got a lot of good comments on that and Gary has come into the studio to do some Beyond Today taping this week and we thought we would bring that down to the American national debt and make a comparison on the individual level to show exactly what that means and how big it really is.

[Gary Petty] When you look at the crush of the federal debt and what the government owes and what it spends and we get the terms, you know, we get the figures - millions and trillions of dollars. It doesn't mean anything. I mean, what do trillions of dollars mean? But when we break it down into figures you and I can understand, it gets a little scary. Now to really illustrate what the federal government takes in and spends and what its debt is, let's put it in these terms, which are the same ratios for a family. What if you have a family of four and they make $46,000 a year. In the United States a family of four makes $46,000 a year. But they spend $78,000 a year. And we can say, "Wow, there's already a problem." But now let's add onto that credit card debt of $281,000. Now if you look at this you would say, "This family is going to collapse because they can't pay their bills." In fact, you…

[Darris McNeely] It's unsustainable.

[Gary Petty] Oh, you can't even pay the credit card interest. So this won't work. This is the state of our federal government and our federal debt.

[Darris McNeely] And actually since we came up with these numbers they have probably grown because the debt is growing at such a rate on a weekly basis that it's incalculable. So these numbers are probably obsolete right now.

[Gary Petty] Which is frightening because you realize that unless something happens, just like a family of four would face total economic collapse if they tried to live like this, the United States, if something does not change, is going to face eventually total economic collapse.

[Darris McNeely] Probably the biggest lesson to take away - don't live like this. That's what it comes down to for you and I. Hopefully you're not. That's BT Daily . Join us next time. 

3 comments
Submitted on Jul 16, 2012, 1:23 pm

KARS

KARS's picture

Being a one income family does not make it easy to stay out of debt. However, I grew up poor so it doesn't make a difference to me. For I am awaiting something very special to occur in all of our lives and that is what matters the most. For this is only a temperary dwelling place. :o)



Submitted on Jul 21, 2012, 7:59 am

D. Miller

D. Miller's picture

It's not difficult at all to stay out of debt either way, whether u'r a one income or 2 income family. We had 5 kids and lived a comfortable lifestyle on one income. Mine. Actually, we figured it out once long ago that we spent, from the net, about 2/3rds of my pay to subsist. So we always had a savings for emergencies. Only about 5 yrs of my working life was my income above 50K & even then only 53K so just over. The rest of the time when we had kids at home it was in the 20's or low 30's.On top of this, my wife always worked low income jobs. But ALL of her net income went into a seperate savings account. When that account got over 10K we bought a higher yield CD. Eventually, that account had the needed money to buy a new car or something of much greater cost....yet we paid in cash so no payments...thus no interest. Today, I'm 49. I retired a year ago after we bought a brand new brick home. My wife is 50 and still working. All 5 kids are grown & gone for a while now. We are debt free and have no concerns about the state of the economy. God blesses those who trust Him. I think it's pretty selfish to pass your debt down to the ones that survive you. You have no idea when the time will come when all people will live with God. So while YOU are waiting in the grave, others are paying u'r unpaid debts. Is that right? Don't think so. Just my opinion. Thanks.



Submitted on Jul 24, 2012, 8:49 pm

KARS

KARS's picture

@ DMillar
You have done well.
However, I don't work and really never did. I stayed home with our children. I was willing to live in small quarters so that our children had a roof over their heads. Converted gargage, run down home (while we fixed it for the owner) Apartments that were to small for a family our size. Even tried resident manager while we lived in one of the apts. We have rented most of our lives. The City of Los Angeles, CA is not cheap. But through the years God aloud our very large family to travel the USA by automobile to the Feast of Tabernacles. My spouse does not have a college degree and is self taught through books with hours of learning at home with the family. What my spouse should be earning for the knowledge my spouse has; the employer will not pay. So we make due with what we have while I work on closing the accounts. There were times we could have placed lawsuits on other people but we opted out everytime and let Jesus Christ handle it His way. So we do the best we can. And remain faithful to the Gospel of the Kingdom of God for that is where the true treasures of heaven are. Now that the children are grown I am going to see if I can help some way with the talents I have found I have. I however do not want fame, fortune, or anything that would make me an earthly idol. For God said if we seek the treasures of the world; we have our reward.



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