So it wipes out your bank accounts. What’s in there? I mean, really. The average American household is carrying $121,953 in personal debt. What would be so bad if something goofy happened and all the meters got reset to zero? And Joe Schmoe’s credit card debt is as nothing compared to what the government’s signed him up for: USA Today recently calculated that the average American household is on the hook for $546,668 in federal debt—i.e., not including state and municipal. The Atlantic crunched the numbers further and reckoned that, to pay off the federal/personal debt over half a century at three per cent, the average household would have to write an annual cheque for $25,971. U.S. median household income is 50 grand, before taxes—and that $26,000 cheque assumes no further increase in federal or personal liabilities.
Saturday, June 13, 2009
Mark Steyn reviews a novel about the end of the modern world caused by a nuclear blast that wipes out all the world's electronics and asks, would this be a bad thing?