Spring Break
Weight of debt may fall on youth
Some worry about deficit
DANIEL BURNETT
Issue date: 4/9/09 Section: News
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That is $1 per second from every person at a packed Sanford Stadium. At an increasing rate of more than $8 billion per day, the federal debt is experiencing explosive growth.
Sound like a nightmare? The Concord Coalition thinks so. According to the group, each American would owe more than $36,000 if today's debt were paid off equally by every American citizen.
The Concord Coalition is a non-partisan organization that educates Americans about the reasons and repercussions of federal budget deficits, according to the group's Web site.
"It's such a shame that young people will have to pay so much money for a government that preceded them," said Phil Smith, national political director of the Concord Coalition and University graduate. "There are a lot of people in Athens who may not realize that their name is being signed to a lot of contracts."
To put a single person's share of the debt into perspective, $36,000 equates to 5,760 Crown-and-Coke cocktails at Allgood Lounge, or one bowl of Ramen noodles every night for the next 493 years.
It's also approximately $1,000 more than the average salary of students who graduated in 2008.
"The longer we wait, the worse this problem is going to get," Smith said. "We're making the Titanic hit straight into the iceberg with our numbers."
According to some University faculty, however, the impending economic iceberg may be less of a worry than the Concord Coalition is making it out to be.
"It's something to think about but it's not as big of a problem as it might seem," said economics professor William Lastrapes, who said the information from the Concord Coalition is misleading.
Viewing Comments 1 - 6 of 6
Thomas D.
posted 4/09/09 @ 9:23 AM EST
Excellent article. Obama is driving our national debt off a cliff.
ben
posted 4/09/09 @ 11:47 AM EST
As the role of government increases in scope and takes on new responsibilities, the role of the individual in our country is being eroded. Come support the Constitution and fight the expansion of the federal government on Wed, April 15th at the Tea Party in ATL. (Continued…)
derek
posted 4/09/09 @ 6:16 PM EST
Hmm... neat article. Kind of scary. At least it's not about rhe Gym Dogs and President Adams, though.
dbweek
posted 4/10/09 @ 12:00 AM EST
This is a lie! THere is no problem with money here! Obama is making it all up! Check your facts!
UGAmichelle
posted 4/10/09 @ 12:04 AM EST
Money is the root of all things evil. It is wrong to worship money. unless you worship money because it is paper that is made out of trees. In that case it is ok to worship the monry because you are really morning for the lost of a tree. (Continued…)
fall09
posted 4/10/09 @ 12:17 AM EST
Burn baby burn
Burn baby burn
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