AP NEWS

Debt is a slow motion train wreck -- Gene Coates

May 6, 2019

Capital is the savings we accumulate from the work we do by either creating goods or services.

Our taxes pay for everything from highways and bridges to health insurance, Social

Security payments, defense and wars. Over 22 million workers in federal, state and local governments are on the payroll, performing tasks from mundane to essential. Nearly 1.3 million active military personnel must be armed, fed and clothed (with nearly 200,000 stationed in over 170 countries). To do so, we pay federal, state, local and sales taxes, plus hidden taxes on phone calls, gas and beer.

Our love of spending has driven our national debt to $22 trillion ($65,000 per person), plus interest to service that debt of $1,000 on each person -- including our children. This train wreck in slow motion can be slowed only by rationally prioritizing our expenses.

Gene Coates, Sun Prairie