Americans under the age of 18 inherit approximately $218,676 in national debt

By Catholic Online (NEWS CONSORTIUM)
11/5/2012
Catholic Online (www.catholic.org)

Costs of college education, home, weigh against future generations

Here's a disquieting thought: If Americans under the age of 18 were required as a group to pay off the entirety of the federal government's debt in equal shares, each would now need to pay about $218,676. Furthermore, that's more than the $130,468 average price tag for four years at a private college, or the $173,100 median price for an existing one-family home in the U.S.

Borrowing all the money needed to pay for a four-year private-college education through college loans, nor borrowing all the money needed to buy a median-priced home would put as much debt on the shoulders of young Americans as the federal government already has.

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LOS ANGELES, CA (Catholic Online) - Under the Obama administration, the U.S. government debt has increased from approximately $143,255 per American less than 18 years of age to approximately $218,676 per American under 18, an increase of $75,421 or about 53 percent.

According to the Bureau of the Public Debt, as of November 1, the total national debt was $16,221,685,381,838.28, On Jan. 20, 2009, when Obama was inaugurated, it was $10,626,877,048,913.08. During Obama's presidency, the U.S. government debt has increased $5,594,808,332,925.20.

According to the 2010 Census said there were 74,181,467 people in the United States under the age of 18. Thus the total U.S. government debt of $16,221,685,381,838.28 equals about $218,676 per person under 18, and the $5,594,808,332,925.20 in new debt accumulated under Obama equals about $75,421 per person under 18.

According to the Census Bureau's 2012 Statistical Abstract of the United States said the median price of an existing one-family home was $173,100 in 2010, which was the latest year included in the abstract.

The U.S. Department of Education's National Center for Education Statistics says that in the 2010-2011 school years the average price for total tuition and room and board for a full-time undergraduate at a four-year private college or university was $32,617. Were that rate to remain constant for four years, an undergraduate degree from a private college would cost about $130,486.

Borrowing all the money needed to pay for a four-year private-college education through college loans, nor borrowing all the money needed to buy a median-priced home would put as much debt on the shoulders of young Americans as the federal government already has.

� 2012, Catholic Online. Distributed by NEWS CONSORTIUM.

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General Intention: The Faith of Christians. That in this Year of Faith Christians may deepen their knowledge of the mystery of Christ and witness joyfully to the gift of faith in him.
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Keywords: Economy, college costs, cost of home, debt, national debt

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1 - 3 of 3 Comments

Alan
6 months ago
There is an old solution for this: the U.S. and constituent state governments will at some point default on their debts.

That will improve things for the younger generation that never borrowed this money, but it will make life very hard for the last survivors of older generations who approved of this borrowing. Unfortunately, the size of the U.S. economy may mean that this default will lead to another world war and the death of millions, and the pain will be equally felt by those who approved of reckless policies and those who did everything they could to oppose them. The only bright spot is that rapidly improving technology and productivity may allow the wider world to avoid some of the pain caused by the irresponsible policies of the United States.
jibbits
6 months ago
I expect to see roaming herds of young people with torches on the streets when I get old. OK I'm exaggerating. The kids are going to really have reason to detest those of us on retirement. (Rand Paul excepted... I suspect he won't accept retirement checks)
vance
6 months ago
Thanks Catholic Voters. This all happened with your help.

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