According to what is splashed across the current Time Magazine cover that is exactly what every man, women and child would have to pony up in order to pay off the national debt of 13.9 trillion. Sure, right! Or at least that’s the way politicians and average folks who don’t understand the difference between macroeconomics (the federal economic system) and the microeconomics of everyday finance (the family budget kind of economics) see it.
This, however, is simply what Republican pols shilling for the one percent would have us believe. Actually it is not out of control government spending that is the problem. It’s the lobbying of the one percent for tax avoidance and special deals — the abuse of the Federal Government by the corporate elite — that drives up these fictitious numbers we call the national debt.
In truth the national debt is composed of trillions of dollars stashed away in offshore bank accounts. If we simply go back and make corporations and individuals pay up their fair share of taxes that they have been ducking over the last 30 or 40 years, there would be no national debt.