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Harvard: US Debt Is Now $123,000 Per Worker

From the Washington Examiner:

Harvard: US debt bill is $123,000 per worker


The U.S. debt, which has jumped 55 percent under President Obama, is now so high that if working Americans had to pay their full share, the bill would be over $123,000, according to a new Harvard University Institute of Politics study of the nation’s empty bank accounts.

Not to mention that our debt is making whatever money might be in those bank accounts that more more worthless.

The school’s fiscal 2012 Annual Report of the USA, which examines the federal budget, put the total debt at $16.7 trillion. But that’s such a big number that the student authors tried to put it in perspective.

For example, that $16.7 trillion, which would go up under Obama’s debt ceiling plan the House and Senate are considering, is equal to:

– About $53,000 per every inhabitant of the United States, including children and the unemployed
– $123,000 if averaged out to employed Americans
– If converted into pennies and stacked, would be a column that would reach to the moon and back more than 3,350 times

That won’t penetrate the minds of the low information voter. You have to explain things in relation to how much more money this is than what Beyonce and Jay Z earned last year.

Meanwhile, we have a related story from Reuters:

Thirty million people are slaves

By Timothy Large | October 17, 2013

LONDON, Oct 17 (Thomson Reuters Foundation) – Some 30 million people are enslaved worldwide, trafficked into brothels, forced into manual labor, victims of debt bondage or even born into servitude, a global index on modern slavery showed on Thursday…

Did this study include the American taxpayers? If not, why not? Aren’t we we victims of "debt bondage"?

Almost half are in India, where slavery ranges from bonded labor in quarries and kilns to commercial sex exploitation, although the scourge exists in all 162 countries surveyed by Walk Free, an Australian-based rights group.

Its estimate of 29.8 million slaves worldwide is higher than other attempts to quantify modern slavery. The International Labour Organisation estimates that almost 21 million people are victims of forced labour.

Would "forced labor" include having to work half the year to pay taxes?

"Today some people are still being born into hereditary slavery, a staggering but harsh reality, particularly in parts of West Africa and South Asia," the report said.

Unlike our children.

"Other victims are captured or kidnapped before being sold or kept for exploitation, whether through ‘marriage’, unpaid labour on fishing boats, or as domestic workers. Others are tricked and lured into situations they cannot escape, with false promises of a good job or an education."

Oh, like college loan debt.

The Global Slavery Index 2013 defines slavery as the possession or control of people to deny freedom and exploit them for profit or sex, usually through violence, coercion or deception. The definition includes indentured servitude…

Then their numbers are far too low.

This article was posted by Steve on Thursday, October 17th, 2013. Comments are currently closed.

4 Responses to “Harvard: US Debt Is Now $123,000 Per Worker”

  1. GetBackJack says:

    a. I’m not a worker. That’s for Comrade Lenin
    b. I don’t owe shiite. Not my debts.
    c. Harvard was founded with Opium warlord money.

    I say (blank) Harvard.

    • captstubby says:

      ” I don’t owe …”
      my Theology is a bit rusty, and i apologize for any errors.

      .(Deuteronomy 24:16) – “Fathers shall not be put to death for their sons, nor shall sons be put to death for their fathers; everyone shall be put to death for his own sin.”
      .(Ezekiel 18:20) – “The person who sins will die. The son will not bear the punishment for the father’s iniquity, nor will the father bear the punishment for the son’s iniquity; the righteousness of the righteous will be upon himself, and the wickedness of the wicked will be upon himself.”

    • GetBackJack says:

      Oh, you’re going to get me started on what Jesus really said when asked “Is it lawful to pay the tribute?” (don’t go there, Jack. don’t go there)

      You make me grin, Capt

  2. captstubby says:

    just doing my job.

    so GBJ
    don’t push the Candy like Red Button.

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