Pan,
What is your share of our national net worth? There are differing ways to measure it, this gentleman used the sum total of household net worth (again that is "net" or assets minus debt) and then deducted federal government public debt to come up with a national net worth of $44.2 trillion in 2005. If you divide that by the population number of your choice you then can compare that number to the $30,787 number.
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Since 1952 household net worth--that is, assets minus liabilities--has increased by an average of 7.4% annually, or 3.7% in real terms. That includes real estate booms and real estate busts, bull markets and bear markets.
This annual percentage gain translates into a huge increase in net worth, in dollars. Household net worth today is just under $50 trillion, according to the Federal Reserve.
A 7.4% increase--the average for the past 50 years--would correspond to a $3.4 trillion increase in wealth. That means we could cover an $800 billion current account deficit, and have plenty left over.
Even if we assume that households are responsible for all of the federal government's debt, and we adjust for inflation, that doesn't change the calculation much. Here's what the past year looked like:
....2004Q1.... 2005Q1.... % change.... inflation change
Household net worth.... 45.8....48.8....3.0.... 1.9
--Public federal debt....4.2....4.6.... 0.4.... 0.3
=Adjusted net worth.... 41.6....44.2 in trillions
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http://www.businessweek.com/the_thre..._so_scary.html
That number does not factor in the assets held by the federal state and local governments.
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Originally Posted by host
ace..... tax receipts have increased less than 25 percent, since 2000....that's seven years:
$2.574 trillion now.....
<a href="http://72.14.209.104/search?q=cache:LK4mcAFfc4cJ:www.cbo.gov/budget/historical.pdf+2005+revenue+tax+revenue&hl=en&gl=us&ct=clnk&cd=7#2">$2,025.5 trillion in 2000.....</a>
How much has federal spending increased in that same time span? Hence, a $3 trillion increase in total US Federal Treasury debt..... |
I agreed spending is out of control. Government spending at some point has to slow down or it will eventually account for more and more of our national economy, it will starve and eventually kill it.
One way to look at the increases in taxes collected is compare that to what we were told about the tax rate cuts, what we were told about the Bush recession, what we were about a jobless growth economy, what we were told about supply side economics.
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FYI, look at this report:
http://www.gsa.gov/gsa/cm_attachment...DZ-i34K-pR.pdf
One thing it shows is that the government owns 2.9 trillion square feet of building assets, with a replacement cost of about $1.3 trillion dollars and about 54 million acres of land.