At the close of 2010, the U.S. National Debt stood at an all-time record: $14,025,215,218,708.52. That’s more than $14 trillion, which works out to $140,252.00 per non-government employee in the country. Richard Daughty of The Daily Reckoning argues that the interest each of us owes on our share of the national debt comes to $7,012.60. Remember, that’s just the interest!
The scary part is, the Federal government doesn’t even collect $7,012.60 from most wage earners. Let’s say, for example, that you earn $40,000 per year and you max out your total allowable deductions of $8,450. That puts your taxable income at $31,550. The final amount you’ll owe the government for the year? A measly $4,445.
That fact scares writers like Daughty who argue that we should be buying gold and silver to protect ourselves from what will surely be rising inflation in the years to come.
“It doesn’t take long before you realize the urgent need to frantically buy gold and silver,” Daughty argues, “and keep on buying them for as long as the money holds out.”
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