Congratulations to our board member Brittanie on the birth of her daughter. Eliza came into this world on Monday, September 29, 2014 weighing seven pounds, eight ounces and 19.5 inches long. Happiness and health aside, she came into this world with something else, $1.5 million in Federal debt over her lifetime.
If the national debt is currently about $55,000 per person, where does this massive number come from? PolitiFact and the U.S. Senate Republican Committee on the Budget break it down:
"A child born in 2014 is projected to have a life expectancy of 80. The committee used a population estimate of 598,933,000 for the United States in 80 years. Some estimates we’ve seen show estimates as high as 625 million by 2095.
The total gross debt 80 years from now is assumed to be $917.58 trillion, for a lifetime share of debt at $1.532 million, if you use the committee’s population estimate. We [PolitiFact] checked how much the average debt would be if the U.S. population rose to 625 million by 2095. Our calculation was $1.47 million."
What's your share of the national debt? Click here to calculate by simply entering your birthdate.
We want baby Eliza to have a prosperous future, and new parents to be celebrate birth days, not birth debts.