Our population is about 320 million people as of the latest estimate. Congress is fighting President Obama over $85 billion, which is the figure needed to stop the rate of increase of federal debt, not the debt itself.
If every man, woman and child in America would give to the government right now the amount of $263, this would stop the rate of increase of the debt (the amount extra we would spend this year above what we spent last year).
Our debt increase is $1 quadrillion, the difference in the dollars spent less the federal income. The $1 trillion debt increase would still be there.
To wipe out the $1 trillion debt increase, it would take $3,120 additional per person, per year, to keep us from getting further in debt.
Could a family of five be able to do this — $1,315 to stop the rate of increase and an additional $15,600 to stop the increase itself, and to do this year after year so out national debt would remain at $16 quadrillion? I sincerely doubt it.
Even if the top 15 percent were taxed at 100 percent of their income, it would not make a dent on our deficit.
It really looks like our government must get its spending under control so our deficit can be stopped and paying off our debt can be started.