by G. Hugh Bodell

Over the past few months, as a result of conversations with friends, relatives, colleagues and acquaintances I have come to a startling but more importantly a scary conclusion.  There appears to be a perception that the US Government has funds that either were in storage or will emerge from some private stash to rescue everyone or entity in financial trouble.

This commentary is truly intended to be a non-partisan piece.  My concern is not that any one group is the cause or will be the cure of our current economic woes.  My objective is to address an apparent disconnect between the 306 million citizens of this great country and the trillions of dollars being spent or committed by an assemblage of 535 out of control middle men and woman, some call congress, I call self appointed loan brokers.

First, let me make one statement that is the corner stone of my commentary today.  Regardless of the economic system under which one lives, capitalism, modified capitalism/socialism or full-blown socialism the only source of asset creation is the people.  Not financial enterprises, not industrial enterprises, not service enterprises and definitely not government.

Every asset in the economic infrastructure of our country starts with the effort of the individual and the remuneration that individual receives for that effort.

The Big Three auto manufacturers need money because the individuals who would normally be inclined to buy one of their vehicles are either not so inclined or do not have nor cannot raise the required cash.

The taxes these three behemoths would normally pay to various tiers of government will not be paid because they have not made any profit because people, individuals are not buying their product.

Construction enterprises will not buy trucks because their product, buildings, have no buyers because once again, individuals who would normally be inclined to buy their buildings are either not so inclined or do not have nor cannot raise the required cash.

Thus, if Charlie or Charlene citizen does not spend, regardless of what they are not buying, profit is not made and taxes are not paid.

If taxes are not paid, this amorphous body referred to as government has no money to support their endless bailouts.

Where are they getting it, they are borrowing it and putting the loan on the balance sheet of each and every living soul in the United States.

That’s right, you owe the money that the 535 loan brokers are borrowing to bailout banks, brokerage houses, auto manufacturers and whoever gets on the line next.

I truly believe that if the American public began to view government spending at a more personal level, these out of control loan brokers called Congress would find themselves in the hot water they deserve.  So what I am going to attempt to do here is ‘make it personal’.  Keep in mind through this exercise that the only tax dollars that the US Treasury will get with which to pay off the debts enumerated below must ultimately be paid by the individual, whether income, sales, property, etc, the source is the working men and woman of this country, enterprises are only conduits through which the money passes.

Let’s start with what is owed from past spending binges As of December 23, 2008 the national debt is approximately   $10.612 trillion
To see that number in its scary entirety $10,611,615,687,668

Now let’s add to that the bailout money that is not included in the above, and let’s round it to where it really is going   $1.000 trillion

Therefore as of today, the 535 loan brokers have committed your future earnings to pay back   $11.612 trillion

Now lets add President Elect Obama’s estimate of what further bailout/stimulus needs the government will borrow   $3.000 trillion

So sometime between now and summer 2009 the citizens of this great country will owe various lenders throughout the world   $14.612 trillion

The population of this country as of today is approximately  306,000,000

Therefore every man, woman and child, from sea to shining sea will owe   $47,751.63

To bring that number even closer to home, the average US household has 2.59 souls in it, so according to the US Census Bureau, the average family/household will be in the hole for $123,676.73 by summer, and you didn’t get anything for that 123 grand, hell, you didn’t even know you owed it.

It is imperative that you think about this number in these term because you are going to pay it back.

We have already established that any tax money the US Treasury receives from business enterprises ultimately comes from each individual, well so do the tax dollars that are paid by the rich.  Those among the rich that enjoy a life supported by dividends…those dividends are just another distribution of the profits earned by selling you, the individual, products or services.  Equally so with entertainers, sports celebrities, business owners, etc., if you do not buy their music, go to their games or buy their goods and services, they just ain’t rich anymore so they do not pay enormous taxes.

Harry Truman once said about his job as President of the United States, “The buck stops here”.  Well each citizen of the United States must look at the huge commitments that the 535 loan brokers are making with your money, assets and yes, your future and realize ‘The buck starts here’.

I would truly feel that this commentary was a success if people that read it start his or her own chart for their specific household.  Using the $11.612 trillion that we have already been made responsible for and the total population of the US as of today, each soul is responsible for $37,947.71 of debt the 535 loan brokers committed you to.  Each time you hear of the loan brokers committing you to another trillion, divide by that population number, 306 million, add it to the $37,947.71 and multiply it by the number of people in your household.

That way most of the honest, hardworking folk who built this nation can go to sleep every night saying to themselves, “My biggest creditor is a group of incompetent slugs who made me responsible for a loan without my consent, gave me nothing in return and have the government on their side to make me pay it back.  I am in this fix because 535 incompetent, self appointed loan brokers signed my name to the loan agreement, not theirs, mine.”

Then vote them out of office before they bankrupt you, all 535 of them!

G. Hugh Bodell is a freelance writer and a native New Yorker who is knowledgeable on many subjects but expert on none…well, maybe a few.  Feel free to visit him at http://www.ghughbodell.com

G. Hugh Bodell
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