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Every Worker's Share of the Federal Debt is $106,000

The Washington Examiner's Paul Bedard, Washington Secrets columnist, reported on Wednesday that according to a Harvard study, all "American workers would have to cough up a one-time “debt reduction fee” of $106,000 to pay off the nation's debt that has grown 58 percent under President Obama." Bedard described the report this way (emphasis added):

"The 91-page report provided to Secrets pegged the nation’s debt at $16.7 trillion, up from the $10.6 trillion inherited by Obama. “The debt has grown so quickly because of large and repeated annual deficits in federal spending,” said the report.

"What's more, the Annual Report of the USA, from the student(s) at the Harvard Political Review and done in partnership with the American Education Foundation, found that food stamp usage has surged 77 percent during the recession and that Social Security benefits will be slashed 23 percent starting in 2033 unless Congress and the White House institute sweeping reforms."

Bedard notes it "is considered one of the nation’s authoritative independent (analyses) of federal spending. One of the best benefits of the report is that the authors try to put huge numbers like the debt in perspective." He also includes a 3-minute long video prepared by the students who prepared ARUSA. In addition, he reports other facts from the report.

At Harvard University's Institute of Politics' blog, these two paragraphs appear to come from the report:

"Fiscal year 2013 was a disappointing year in federal budget policy, with only small signs of hope in the compromises made since last fall’s government shutdown – and starkly reflected our elected leaders’ preference for inaction,” said Daniel Backman ’15, ARUSA student Executive Editor.

"By presenting essential budgetary information in an easy-to-understand format, the writers of ARUSA hope to help Americans keep their politicians accountable on the issues that matter.”

You c- See more at: http://www.iop.harvard.edu/blog/students-produce-fy-2013-annual-report-usa-debt-revenues-and-spending#sthash.slpTctVp.dpuf

The "Annual Report of the United States of America: What Every Citizen Should Know About the REAL State of the Nation," cover below, is available at Amazon.com.


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