Just saw John Sununu, one of Republicans favorite Bushie junk yard attack dogs all up in arms about the debt subject to the limit (the so-called national debt) reaching $16 Trillion dollars, and going on to tell people that every man, woman, and child in the United States now owes $50,000 to pay that debt off. Now, I'm here to tell you that all that is bull sh*t.
The debt subject to the limit is a debt incurred by the Congress and the Treasury Department because when the Government spends more than it taxes, the Treasury Department issues debt instruments in the name of the US Government even though it doesn't have to do that in order to deficit spend. These instruments make the Government a debtor. But they don't make any individual man, woman, or child in the United States a debtor. So, the idea that YOU owe $50,000 or even a single dollar is BS . You've signed no such note. You've not charged a single dollar on your credit card for this purpose. And you've not made a single promise that any portion of the national debt will be paid by YOU .
Well, you might ask: "Doesn't the US have to pay the $16 T debt sooner or later by taxing, and won't we then be responsible for our portion in the form of a tax obligation?
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